Garnet Constructions ties up with Sternon for selling its project

Mumbai, Feb 21 (UNI) Garnet Constructions, a decade old real estate property developer has entered into an exclusive global marketing alliance with a Dubai-based real estate developer Sternon to market its forthcoming residential and commercial projects to prospective buyers around the world.

Briefing the media here today, Director of Garnet Constructions Arun Kumar Kedia said,''Though the project, coming up at Panvel on the outskirts of Mumbai, is aimed at NRIs, we are also looking at domestic market for the same''.

The land measuring 300 acre has already been acquired and our efforts are on to acquire 100 acre in addition to it for the project named as 'Magic Hills', he added.

Some of the features attached to the project are that it is mearely 20 minutes drive from the forthcoming international airport at Panvel and the fact that Reliance Industries is developing its SEZ in an area adjacent to it, he said and hoped that it will help us achieve our ambiguous target of a topline of Rs 125 crore by the next financial year, he said.

Ms Ludmila Sclifos, CEO of Sterton Group which is investing a sum of USD 3-4 million into the project, said,''As per the understanding reached among us, we will exclusively sell the project of Garnet constructions only for next period of three years''.

''I do not think it will be a difficult task for us for the very reason that we have already got a database of NRIs all across the world that may be interested in the project for either investment, or for vacation purposes,''she added.

The project is valued at Rs 1200 crore with the residential portion (50 acre) accounting for Rs 900 crore. The price of each unit under the project varies between Rs 24 and Rs 35 lakh, she said.

In toto, 3,500 such residential units will come up under the project.

Talking about his future plans, Mr Kedia said,''We have decided to raise USD 60 million by way of foreign currency convertible bonds or through preferential basis or through private placement among qualified institutional buyers.'' UNI KKD PM AG1615