Citigroup Property Investors JV with Gera Devp

Pune, Sept 7: Gera Developments and Citigroup Property Investors have entered into a joint venture (JV) to develop a unique project in Kharadi area of Pune through the FDI route.

The total value of the project will be about USD 125 million (Rs 550 crore). The development is of over two million square feet consisting of 600 unique, premium and high-end apartments, a Country Club and a hotel, a release issued here today said.

The project, consisting primarily of three and four bedroom apartments, is being conceptualised to have an exclusive architectural design and identity.

Kharadi, which is located in the eastern part of Pune, is fast emerging as a preferred location for the IT industry considering its close proximity to Koregaon Park and Kalyani Nagar.

Commenting on this association, the Managing Director and head of Asia Pacific of Citigroup Property Investors David Schaefer said, ''We are looking forward 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.'' The Managing Director of Gera Developments (P) Ltd Kumar Gera said, ''This first project between us, which is soon to be launched, is being positioned to bring international standards to the development. We also hope it will be the first of a series of JVs that we do together in India.''

UNI