Lemon Tree, Warburg to invest Rs 1,400 cr on hsg projectsPress Trust of India / New Delhi April 24, 2011, 12:26 IST
Hospitality firm Lemon Tree Hotels is foraying into real estate with plans to invest over Rs 1,400 crore to launch housing projects in India in partnership with US-based investment firm Warburg Pincus.
The Capital-based firm has formed a 51:49 joint venture -- Oceanus Real Estate Pvt Ltd -- with Warburg Pincus for the housing projects.
Besides diversification into housing, the hospitality chain has put in place a blueprint to expand in its core business within India and explore neighboring markets like Nepal and Sri Lanka. "The joint venture with Warburg Pincus will develop at least three to four affordable housing projects in Gurgaon," Lemon Tree Hotels Chairman and Managing Director Patu Keswani told PTI.
Out of a total planned investment of Rs 1,400 crore by 2015, the JV will invest Rs 700 crore while Warburg Pincus alone will put another Rs 700 crore separately, he said.
Keswani said the residential apartments would be sold under the 'Lemon Tree' brand in the range of Rs 20 lakh to Rs one crore per unit.
"We have already identified a couple of sites in Gurgaon and will begin construction soon and start selling by December this year," he said.
I am not aware of any new launch as of today but will update as soon I know... See below news..
Adani Realty forays into Delhi-NCR, inks JV with M2K
3 May, 2011, 02.59AM IST, Kailash Babar,ET Bureau
MUMBAI: Adani Realty Business and Delhi-based realtor M2K Group will jointly develop residential projects on 41 acres of plot the latter owns in Gurgaon, near Delhi, marking Adani's foray into the Delhi-NCR.
The real estate arm of the ports-to-edible oil Adani group will develop two projects on separate parcels of land. The projects will cost 1,500 crore and both developers will share costs and revenues equally. Towards the cost of land, Adani Realty has paid 100 crore to M2K. Another 100 crore will be paid in phases.
"The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway. These are estimated to provide us 3 million square feet of saleable space," said Tarvinder Singh, chief executive officer of Adani Realty.
Singh expects to launch the projects early in 2012 and complete them in four years.
Half the inventory in the two projects will be for premium home buyers, while the rest will target middle income consumers. Several real estate firms have announced their projects along the upcoming Dwarka-Manesar expressway, which will link Manesar, a new industrial belt outside Gurgaon, to Delhi and the international airport.
"At present, the location lacks social infrastructure. But the expressway will improve connectivity to the airport; property rates will move up," said Anand Narayan, national director, Knight Frank India.