Gera, Citigroup Property form JV
Real estate firm Gera Developments and Citigroup Property Investors, a realty investment arm of Citigroup, have entered into a joint venture to develop a project in Pune.
By PTI |
NEW DELHI: Real estate firm Gera Developments and Citigroup Property Investors, a realty investment arm of Citigroup, have entered into a joint venture to develop a project in Pune, which would involve an investment of 125 million dollars (approx Rs 550 crore).
"The tie-up has taken place through foreign direct investment (FDI) route. The total value of the project will be about 125 million dollars (Rs 550 crore)," Gera Developments said in a release.
The JV would develop over two million sq ft comprising 600 high-end apartments, a country-club and a hotel, it said.
"We have chosen to join 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," Citigroup Property Investors Managing Director- Head of Asia Pacific David Schaefer said.
Pune-based Gera Developments, which operates in western India, has projects of approximately Rs 400 crore to be completed within a year.
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