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The real estate developer TCG Real Estate has received finance of Rs 714 crore from State Bank of India (SBI) for its World Trade Centre project in Gurugram, as per the records acquired by real estate data analytics company CRE Matrix.
The firm is building the “World Trade Centre” business park in Gurugram, which is located off of NH-8, Sohna Road. One million square feet of developable land are planned as part of the project. The World Trade Center in Gurugram will be developed with the help of these funding.
TCG Real Estate Has Received Rs 714 Crore Funding From SBI
The records state that the Rs 714 crore in money has been obtained through an SBI loan with a 72-month or six-year term. There is a 9.6% yearly interest rate that must be paid.
According to documents, SBI has granted a loan of Rs 714 crore to Energetic Construction Private Limited for the World Trade Center project in Gurugram. Energetic Construction Pvt. Ltd. is promoted by TCG Urban Infrastructure Holding Pvt. Ltd.
According to the paperwork, on March 28, 2024, the deed of hypothecation was signed between Energetic Construction Private Limited and SBICAP Trustee Company Limited.
World Trade Center Is A Four Tower Office And Retail Buildings
Regarding the development, neither SBI nor TCG Real Estate responded right away. The response will be incorporated into the amended copy.
The World Trade Center in Gurugram, which occupies 7.94 acres, has a total leasable area of 10,13,168 square feet and is made up of four tower-shaped office and retail buildings.
Leasable space for the office building would total 9.4 lakh square feet, while 72,407 square feet will be available for lease in the retail block. October 2027 is the anticipated start date for commercial operations. According to the records, the project is expected to cost Rs 1211.86 crore.
The World Trade Center Will Be Built Over A 48-Month Period
Documents state that the project will be constructed over a 48-month period, with a 12-month moratorium. A two percent annual penalty interest charge will be imposed in the event of irregular payment for up to sixty days.
The loan terms stated that an annual penalty interest of five percent would be applied to the outstanding amount for the time of irregularity if the irregular payment lasted more than sixty days.
Source-ET
