Citigroup Property to set up Rs 550-cr project in Pune

New Delhi, Sep 5 (UNI) Citigroup Property Investors today entered into a joint venture with Pune-based Gera Developments for setting up a Rs 550-crore real estate project.

The project, which will come up in Kharadi, Pune, will be spread over two million square feet and will consist of 600 premium and high end 3-4 bedroom apartments, a country club and a hotel.

''We have joined hands with Gera Developments as a joint venture partner owing to their experience and reputation of being a customer centric and quality conscious real estate developer,'' Citicorp Property Investors MD (Asia Pacific) David Schaefer said.

He added that the company was looking forward to the JV not only in terms of contributing towards the growth of the real estate industry but also in terms of delivering quality to an extended audience.

This first project between the two companies is being positioned to bring international standards to the soon to be launched project, said Gera Developments (P) Ltd MD Kumar Gera.''We hope it will be the first of a series of joint ventures that we do together in India.'' Citigroup Property Investors is the real estate investment management business of Citigroup, a leading global financial services company.

Gera Development, with over 35 years of experience in developing premier commercial and residential properties in Pune, has projects worth Rs 400 crore in hand.

UNI PKS PV RN1919