Nisus Finance exits from Midcity Heights Project

Nisus Finance Services Co Pvt. Ltd. (NiFCO,) a focused alternatives advisor with a Real Estate-focused Debt / Mezzanine Fund has exited its investment in Midcity Heights Pvt. Ltd., one of the leading developers engaged in the construction and development of real estate project within western suburbs of Mumbai.

Midcity Heights Pvt Ltd, had last year raised the capital from investors of NiFCO to fund its residential project “Ocean Heights” located at Versova, Andheri (W) in Mumbai.

Ocean Heights project comprises of 21 storied building with over Rs. 60 crores in sale value. NiFCO had agreed to invest up to Rs. 30 crores with MidCity Heights but secured an early exit returning back 1.23x of the capital within 14 months.

Amit Goenka, MD & CEO NiFCO said, “Our strategy of investing into late stage projects is paying rich dividends to investors. This is the third instance wherein we have retuned back capital this year without delinquency and with handsome returns. The advent of RERA has boosted buyer confidence for such fast completing projects allowing increased sales velocity and quick receivables.”

Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.