MUMBAI: Capri Global Capital Ltd (CGCL), one of the country's leading non-deposits accepting, non-banking finance company, headquartered in Mumbai has entered into a deal with Monarch Universal Group to fund two residential developments in Roadpali, Kalamboli. Monarch Universal Group is a well-known developer with a track record of delivering residential and commercial projects primarily in Navi Mumbai area.
Ramesh Kelkar, Head of Risk, Wholesale Lending, Capri Global Capital Limited said, "This transaction is a testimony to the fact that residential developments on the outskirts of Mumbai where there is an emerging market for quality real estate and will continue to attract interest of financial institutions. Monarch Universal Group is a well-respected group of Navi Mumbai and has delivered several large residential projects in the past. We are excited to support Monarch Universal Group for these projects and are actively looking at similar deployment opportunities across India over the next few quarters".
While the demand in 2013 for residential real estate was subdued, in 2014, CGCL believes, in the mid-income housing segment, the market will continue to remain attractive, for the products which are realistically priced. The Company intends to focus primarily on such projects to provide finance, Kelkar added.