Citigroup Property Investors has entered into a joint venture with Gera Developments to develop an exclusive project in Pune. This tie-up has taken place through the FDI route.

The total value of the project would be about $ 125 million. The development is of over 2 million sq ft of premium residential complex having 600 high-end apartments, a country club and a hotel.

Consisting of primarily 3 and 4 bedroom apartments, the residential complex would have an exclusive architecture and identity. The complex would be located at kharadi, eastern part of Pune, which is emerging as preferred location for the IT industry, as it is located near koregaon Park and Kalyani Nagar.

‘We have chosen to join hands with Gera Developments as a JV partner owing to their experience and reputation of being a customer centric and quality conscious property developer. We are looking forward not only in terms of contributing towards the growth of real estate, but also in terms delivering quality to an extended audience,’ said David Schaefer, managing director, head, Asia Pacific, Citicorp Property Investors.

Kumar Gera, Managing Director, Gera Developments Pvt Ltd, said his company strived to raise the living standards of customers in order to meet their needs and aspirations.

With over 35 years of experience in building commercial and residential projects, Gera Developments has projects worth Rs 400 crore to be completed within a year and is on expansion mode.

Citigroup Property is the real estate arm of Citigroup, the leading financial services company. This company offers private firms investment strategies in real estate business, designed to produce risk-adjusted returns, besides providing consultancy in securities investments