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Wednesday, Sep 06, 2006

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Gera Developments joins Citigroup for $125-m project

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The project would be coming up at Kharadi, located on the eastern part of Pune.

Pune , Sept. 5

The Pune-based real estate developers, Gera Developments and Citigroup Property Investors have entered into a joint venture to develop a project in Pune, through the FDI route.

Talking to presspersons, Mr Kumar Gera, Managing Director, Gera Developments (P) Ltd, said the total value of the project would be close to $125 million (Rs 550 crore).

The project would be spread over two million square feet and would consist of 600 premium and high end apartments, country club and hotel. The project would consist primarily of three and four bedroom apartments and price range would be about Rs 40-50 lakh for an apartment of about 2,300 sq, ft area. The project would be coming up at Kharadi, located on the eastern part of Pune.

Commenting on the investment, Mr David Schaefer, Managing Director, Head of Asia Pacific, Citicorp Property Investors, said this was the fourth project in which it has invested.

The investments have gone into two IT parks, one in Noida and one in Whitefield, Bangalore that are spread over 1.5 millions square feet each and are under construction.

The third project is a programme of service apartments, which would begin by the end of the current calendar year.

He said the fourth project, the Gera project, would be launched by the end of the year. Mr Gera said the project which would be kick started by the end of the year would be completed within a timeframe of four years and would be carried out in a phases.

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