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Ricardo Constructions, a wholly-owned company of the SP Group engaged in the construction of residential apartments, raised the bonds from Asia Pragati Strategic Investment Fund, managed by PAG, a global alternative investment firm.
The residential building was originally launched by Nirmal Lifestyle in 2009, but the firm sold it to Shapoorji Pallonji's Ricardo Constructions as it went bankrupt.
Started by Nirmal Lifestyle in 2009, the project stalled, and was sold off to Ricardo Constructions of Shapoorji Pallnji in 2019. The latter promised possession by 2021, but failed to do so.
The flat owners of US open Mulund Project did not get possession of their flat again this year.