Atmosphere Realty redeems ₹217.9 Cr NCDs five years early, backed by Marubeni, as strong sales from Atmosphere O2 project drive internal accruals.
Wadhwa, Man Infra, and Chandak JV repaid its 10-year debentures 5 years early, as strong internal accruals from Mumbai’s Atmosphere O2 drive liquidity.
In a strategic financial milestone, Atmosphere Realty Private Limited (ARPL), a joint venture between The Wadhwa Group (50%), Man Infraconstruction Ltd. (30%), and Chandak Group (20%), has redeemed its secured Non-Convertible Debentures (NCDs) amounting to ₹217.9 crore well ahead of schedule.
The redemption was executed on 24 March 2025, nearly five years before the original maturity of 9 December 2030. ARPL had issued 2,179 NCDs at a face value of ₹10 lakh each on 9 December 2020. The debentures were acquired in full by Marubeni Corporation, a diversified Japanese conglomerate with a footprint across 65+ countries and sectors including energy, infrastructure, and food.
This early repayment was made possible through strong internal accruals and sustained sales momentum from the group’s flagship project, Atmosphere O2, a premium gated residential enclave in Nahur, Mulund West, Mumbai. The project has drawn high interest from homebuyers seeking quality housing with thoughtful urban planning and top-tier amenities.
A spokesperson from ARPL shared, “This early redemption reflects the financial health and delivery capabilities of Atmosphere Realty. Our strong customer response at Atmosphere O2 enabled us to close the debenture obligations well ahead of time. We value our partnership with Marubeni and look forward to collaborating on future development opportunities.”
The NCD redemption also signifies a smooth exit for Marubeni Corporation, reinforcing its trust in Indian real estate ventures with strong governance, execution credibility, and clean financial exits. The company has previously participated in global infrastructure and development projects, and ARPL’s early payoff marks one of its successful engagements in the Indian residential real estate market.
The development sends a broader signal to institutional investors looking for long-term partnerships in India’s urban residential sector, particularly in Mumbai’s premium corridors. It also highlights a maturing real estate financing ecosystem where developer-JV models, backed by international partners, are delivering structured, time-bound exits.
With this successful transaction, ARPL and Marubeni are expected to explore future opportunities together, leveraging each other’s capabilities across finance, development, and operations.
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