Private equity fund manager Brick Eagle said it has acquired affordable TMC (Tanaji Malusare City) project at Karjat near Mumbai for ₹300 crore.
The project was touted as the first Indian affordable housing scheme in the private sector. It was also conferred with the United Nations award for sustainable practices.
However, due to a shareholder dispute and a court injunction, the project was delayed by five years leaving over 3,600 home buyers in the lurch.
Brick Eagle acquired the project from its owners AIM-listed Eredene Capital.
After Brick Eagle’s acquisition in September 2014, the company has moved ahead to complete the project.
The project is being developed by Sheltrex, which is an incubated developer of Brick Eagle Group.
Sheltrex will start delivery in April 2015 with the first 500 keys. In addition to Sheltrex, Brick Eagle has also invested in Playtor in Pune, DBS in Ahmedabad and Olympeo in Mumbai.
Rajesh Krishnan, Founder-CEO, told BusinessLine, “The 105-acre township project can house over 20,000 units. In the first phase, we will be delivering 3,600 units. Our first priority is to deliver these units”.
The project will have apartments of 170 sq ft to 700 sq ft and prices vary from ₹10 lakh to ₹50 lakh per apartment.
He said the company has already got approvals for developing four million sq.ft in the township. “The total project cost is estimated at ₹2,000 crore and is spread over five to seven years”.
Hong Kong-headquartered Brick Eagle has invested in 20 housing projects spanning 1,250 acres in Mumbai, Pune, Chennai, Coimbatore, Mysuru and Ahmedabad.
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...