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Citigroup Property Investors, a unit of citigroup, has agreed to be an equal joint venture partner in an Indian real estate project valued at $125 million.
The global bank will partner India’s unlisted Gera Developments Ltd. To develop a residential project in the booming technology hub of Pune in Maharashtra, a statement from Gera said.
The project, which is due to be completed in four years, is to build 600 apartments, a country club and a hotel, Rohit Gera, Executive Director at Gera Developments told Reuters.
He declined to disclose investment details.
“This (association with citigroup) will not be for just this project, the intention is to extend it to a few more projects,” he said. “It is a move that would improve our (privately run) corporate governance by reporting to professionals.”
He also said that many investors had approached the firm for an equity stake but said he would first experience partnerships in projects and if satisfied would then extend them to firm.
Gera did not give the exact revenue of his company but said it could be around 2.3 billion rupees this year, given that the firm was constructing about a million square feet in different projects which could be sold at an average price of 2,300 rupees a square foot
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