“Edelweiss has done two investments in the real estate side from its special situation fund ₹11,000 crore in the last week and is closing on with the next investment in a manufacturing company.”
Edelweiss
Suruchi Properties is a member of the Bangalore-based Century group of real estate companies. The company develops residential projects, such as Golfview, which has a total saleable area of 8,73,238 square feet and is located in Indiranagar, Bangalore.
Acuite has given the firm a B stable rating because of its early stage in all projects, high reliance on debt refinancing through the issuance of NCDs, high reliance on sales and prompt customer collections as a source of funding, and vulnerability to real estate market risks.
Grand City, a 40-acre affordable group housing project in Ghaziabad, is being developed by Prateek Realtors. The business had previously fallen behind on its NCD payments.
Among the issues raised by Acuite, which gave the paper a C grade, are the regional concentration in the income profile, previous project completion delays, and the susceptibility of real estate projects to cyclicality in their completion.
