Gera Developments and Citigroup Property Investors have entered into a Joint Venture to develop an exclusive and unique project in Pune. This tie- up has taken place through the FDI route. The total value of the project will be about US$ 125 Million (Rs 550 crore). The development is of over 2 million square feet consisting of 600 unique, premium and high-end apartments, a Country Club and a Hotel.

This new 2 million square feet project consisting primarily of 3 & 4 bedroom apartments will encompass a luxurious country club and a hotel.

Kharadi, which is located in the eastern part of Pune, is fast emerging as a preferred location for the IT industry considering its close proximity to Koregaon Park and Kalyani Nagar.

Commenting on this association, David Schaefer, Managing Director, Head of Asia Pacific, Citicorp Property Investors said, “We believe this association will play a positive role in the project. We are looking forward not only in terms of contributing towards the growth of the real estate industry but also in terms of delivering quality to an extended audience.”

Kumar Gera, Managing Director, Gera Developments (P) Ltd. Said, “We are very pleased to announce a tie- up with citigroup Property Investors; we believe, they are a company that symbolizes, in many ways, the values that we subscribe to – innovation, quality and trust. This first project between us, which is soon to be launched, is being positioned to bring international standards to the development. We also hope it will be the first of a series of joint ventures that we do together in India.