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Around Rs 200 crore of this funding will be utilised to offer complete exit to existing lenders, including Piramal Capital. The balance amount will be used to support construction of the company’s existing projects and future growth.
Fierce competition amid an ultra-low inventory of homes on the market is fueling bidding wars, prompting a growing share of would-be buyers to sweeten offers well above what sellers are asking.
The department of urban local bodies had approved the proposal for sharing of stamp duty charges between GMDA and the municipal Corporation of Gurugram (MCG) in April this year.