TCG Real Estate Secures Rs 714 Crore Funding from SBI for World Trade Centre in Gurugram

Real estate developer TCG Real Estate has successfully secured a substantial funding amounting to Rs 714 crore from State Bank of India (SBI) for its ongoing World Trade Centre project in Gurugram. This development was disclosed in documents accessed by CRE Matrix, a renowned real estate data analytics firm.

The project, located off NH-8, Sohna Road in Gurugram, is part of the company’s ambitious business park initiative under the banner of ‘World Trade Centre,’ encompassing a vast leasable area of 1 million square feet. The infusion of these funds is earmarked specifically for advancing the development of the World Trade Centre in Gurugram.

As per the disclosed documents, the funding agreement with SBI amounts to Rs 714 crore, structured as a loan with a tenure spanning 72 months (six years). The loan carries an annual interest rate of 9.6 percent.

According to the available documentation, Energetic Construction Private Limited, a subsidiary under TCG Urban Infrastructure Holding Pvt. Ltd., has successfully secured this substantial loan from SBI for the World Trade Centre project in Gurugram. The formal deed of Hypothecation between Energetic Construction Private Limited and SBICAP Trustee Company Limited was executed on March 28, 2024, as per the documents.

As of the time of reporting, neither SBI nor TCG Real Estate has issued an immediate response regarding this funding development. Further updates will be provided upon receipt of their comments.

Situated across a sprawling land area of 7.94 acres, the World Trade Centre in Gurugram encompasses a total leasable area of 10,13,168 square feet, featuring office and retail blocks across four towers.

The office block is slated to offer a leasable area of 9.4 lakh square feet, while the retail block will comprise 72,407 square feet of leasable space. The project’s scheduled commercial operation date is projected for October 2027, with an estimated project cost of Rs 1211.86 crore, as outlined in the documents.

The construction timeline for the project spans 48 months, with a moratorium period of 12 months. The loan agreement stipulates an annual penal interest of two percent for payments delayed up to 60 days, escalating to five percent for irregular payments exceeding 60 days, as detailed in the loan documents.

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