Gera Developments and Citigroup Property Investors have entered into a joint venture to develop a project in Pune, through the FDI route. The project will be coming up at Kharadi, located on the eastern part of Pune. Total value of the project will be close to $125 million (Rs 550 crore). The project would be spread over 2 million sq ft and would consist of 600 premium and high-end apartments, a country club and a hotel. The project would consist primarily of three and four bedroom apartments and the price range would be about Rs 40-50 lakh for an apartment of about 2,300 sq ft area. This is the fourth project in which Citi Property has invested in India. The project will start by the end of the year; will be completed within a timeframe of four years and will be carried out in a phases.