An e-mail sent to an Axis Bank spokesperson did not elicit any response. Also, a senior 3C company executive did not respond to messages and calls on the subject.
A Piramal spokesperson said Khushru Jijina, the managing director of Piramal Fund Management, was travelling for the next few days and the company would not be able to comment. The project has Four Seasons Residences and a Four Seasons Hotel, luxury retail and business towers, fine dining and so on, and is located at Sector 16B in Nodia.
"The USP of the project is that it is a prime area and close to Delhi. The project is under construction," said the executive.
International property consultant CBRE was advisor to the transaction. Anshuman Magazine, chairman of CBRE India, declined to comment on the matter.
Piramal Fund Management is one of the most aggressive fund managers which disburses Rs 1,500 crore to property developers monthly. With funds under management of Rs 8,486 crore and disbursement of Rs 11,588 crore, its proprietary debt book totals to Rs 20,074 crore.
Private equity (PE) in real estate during the first nine months of 2015 (calendar year) stood at $2.4 billion (Rs 18,300 crore) - the highest since 2008. This is an increase of 84 per cent over the corresponding period in 2014, signifying the growing confidence of PE investors in India's real estate sector, said a report by Cushman & Wakefield and Global Real Estate Institute. The total number of deals in the period under review was recorded at 61, against 52 in the year-ago period. The average deal size also increased during the first three quarters of 2015 to Rs 300 crore ($47 million), against Rs 190 crore ($30 million) a year ago.
On September 2, DLF had announced that its arm DLF Home Developers and GIC had entered into a joint venture for two upcoming projects located in Central Delhi, wherein GIC would invest Rs 1,990 crore.
However, the executive quoted earlier said the DLF-GIC deal was an equity deal whereas the Piramal-3C was a debt deal.