CAMP: Gera Developments and Citigroup Property Investors have entered into a joint venture yesterday to develop Rs 550 crores project in Kharadi, Pune. This tie-up has taken place through the FDI route.

“We have chosen Gera Developments as a partner for joint venture owing to their experience and reputation of being a customer-centric and quality conscious real estate developer. We believe this association will play a positive role in the project,” said David Schaefer, managing director, head of Asia-Pacific, Citigroup Property Investors.

Rohit Gera, Executive Director, Gera Developments Pvt Ltd, informed that 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 project consisting primarily of 3 and 4 bedroom apartments is being conceptualized to have an exclusive architectural design and identity. The development, with the luxurious country club and a hotel as apart of it will make it one of the most exclusive developments. Kharadi is preferred location for the IT industry considering its close proximity to Koregaon Park and Kalyani Nagar. Kumar Gera, MD, Gera Developments (P) LTD said, “This first project between us which is soon to be launched is being positioned to bring international standards to be launched is being positioned to bring international standards to the development.” Ravi Hansoty, VP and head of India Investments, CPI proposed the vote of thanks.