IndusInd Bank invests 140cr in Sushma group’s commercial projects

IndusInd Bank invests 140cr in Sushma group’s commercial projects

Chandigarh, 14 February 2023

Chandigarh based North India’s leading real estate developer Sushma Group has announced on Tuesday that IndusInd bank has funded 140 Crores for its commercial projects. The funds will be divided between two projects, Sushma Capital and Sushma Pristine.

IndusInd Bank has committed 50 Cr to Sushma Capital, of which 25 Cr is in fresh funding, and 25 Cr has been earmarked for the takeoff of an existing funding from DMI Finance. Additionally, IndusInd Bank has committed 90 Cr in fresh funding for Sushma Pristine. Sushma Capital and Sushma Pristine are both fast-developing commercial projects by the Group with a combined area of 1.47 lakh sq ft of office spaces, 60,000 sq ft of SOHOs, and 7.69 lakh sq ft of retail spaces which are a mix of fine dining, food courts, fashion brands, entertainment zones etc.
It is noteworthy that many renowned brands like Pizza hut, KFC, Subway, MAX, Reliance Retails and Costa Coffee are already operational at the completed phase 1 of SUSHMA capital, whereas, the possession of phase 1 of Sushma Pristine, which is located bang on the new airport road, will start in 2024.
Prateek Mittal, Executive Director, Sushma Group said, “The aggressive financing of the commercial segment by banks and financial institutions is a testament to the bright future of the commercial real estate in Tier 2 cities. With this funding, we are well-positioned to continue delivering innovative real estate solutions to our customers.The company is also poised to take new leaps in 2023, and we thank our financing partners for their trust in our group.”

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