Adani Realty forays into Delhi-NCR, inks JV with M2K

MUMBAI: Adani Realty Business and Delhi-based realtor M2K Group will jointly develop residential projects on 41 acres of plot the latter owns in Gurgaon, near Delhi, marking Adani's foray into the Delhi-NCR.

The real estate arm of the ports-to-edible oil Adani group will develop two projects on separate parcels of land. The projects will cost 1,500 crore and both developers will share costs and revenues equally. Towards the cost of land, Adani Realty has paid 100 crore to M2K. Another 100 crore will be paid in phases.

"The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway. These are estimated to provide us 3 million square feet of saleable space," said Tarvinder Singh, chief executive officer of Adani Realty.

Singh expects to launch the projects early in 2012 and complete them in four years.

Half the inventory in the two projects will be for premium home buyers, while the rest will target middle income consumers. Several real estate firms have announced their projects along the upcoming Dwarka-Manesar expressway, which will link Manesar, a new industrial belt outside Gurgaon, to Delhi and the international airport.

"At present, the location lacks social infrastructure. But the expressway will improve connectivity to the airport; property rates will move up," said Anand Narayan, national director, Knight Frank India.