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 a investment of 125 million dollars (approx Rs 550 crore).

"The tie-up 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 joint 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.