Dubai-based Sternon Group to invest Rs 1,200cr
Dubai, Apr 13: Dubai-based real estate developer Sternon Group will build a Rs 1,200 crore residential and commercial township Magic Hills on the Mumbai-Pune Express Highway near the proposed Navi Mumbai International Airport in Panvel, a company official said.
Spread across 400 acres, Magic Hills has a 250-acre residential portion with row houses and individual and twin bungalows coupled with recreational, retail and educational facilities, a statement from the firm said yesterday.
Sternon Group, which said it has customers in 28 countries, is marketing the project in international markets, including the Gulf, following an exclusive global marketing tie-up with Garnet Construction, a listed Indian real estate developer.
''Navi Mumbai is a red-hot area for real estate investors for two reasons,'' Emirates Today quoted Hussaini F Nalwalla, Managing Director of the Sternon Group, as saying.
''Firstly, it has been hailed as one of the world's best master-planned cities, and secondly, the green-field Navi Mumbai International Airport is set to give a major boost to the area.'' He added that onsidering the robust real estate growth in Navi Mumbai in recent times, investors and home owners can expect appreciation of up to 70 per cent in two years.
The group said it will invest up to 4 million dollars in the project. It will market it to investors in the United States, the United Kingdom, the West Asia and India.
UNI