TCG Real Estate Signs a Loan agreement of Rs.714 crore with SBI for Gurugram Project

Prominent real estate developer TCG Real Estate has bagged a funding of Rs. 714 crore from State Bank of India (SBI) for its World Trade Centre project in Gurugram. The documents were accessed by real estate data analytics firm, CRE Matrix.

The company recently started the manufacturing of a business park named ‘World Trade Centre’ off NH-8, Sohna Road in Gurugram. The project is entitled to develop a land of 1 million square foot of leasable area. This freshly received fund will be utilized to construct the commercial project in Gurugram. 

The document says that, the funding of Rs. 714 crore is secured in the form of a loan from SBI for a tenure of 72 months or six years. The annual rate of interest which the company has to pay is 9.6%.

As per the official document the Energetic Construction Private Limited has secured a loan of Rs. 714 crore from SBI for the construction of World Trade Centre project. TCG Urban Infrastructure Holding Pvt. Ltd. is the promoter of Energetic Construction Pvt. Ltd.

The document shows that, a deed of agreement was signed between the Energetic Construction Private Limited in favor of SBICAP Trustee Company Limited on March 28, 2024.

The real estate project is expanded over a land of 7.94 acres, the World Trade Centre in Gurugram comprises of a total leasable area of 10,13,168 square feet consisting of office block and retail block in the form of four towers.

The office block will have a leasable area of 9.4 lakh sqft while the retail block will have 72,407 sqft leasable space. The commercial date which was scheduled for opeartion is October 2027. The documents revealed that, the estimated cost of the project is Rs. 1211.86 crore.

The document also showed that, construction period of the project is 48 months and the moratorium period is of 12 months. The document of loan says, in case of irregular payment upto 60 days an annual penal interest of 2% will be charged. If the irregular payment exceeds 60 days, then an annual penal interest of 5% will be applicable on the outstanding amount for the period of irregularity.