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.
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...
It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.
This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..
Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.