| Marvel Realtors partners with Och-Ziff Capital for residential project in Kharadi, Pune |
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INRnews.com, September 10, 2007
Marvel Realtors, pioneers of super luxury apartments and home automation technology in India, announced the launch of a Rs 500 crore JV project in association with Och-Ziff Capital Management Group.
The Marvel-Och-Ziff super luxury residential real estate project will come up in Kharadi, the most preferred IT destination in Pune. The project will have a built-up area of 1.10 million sq ft on a 7 lakh sq ft plot. The project will have a mix of different sizes of luxury apartments catering to diverse needs of customers.
“The JV is a recognition for Marvel’s pioneering efforts in super luxury apartments and cutting edge home automation technology,” said Mr Vishwajeet Jhavar, Chief Executive Officer, Marvel Realtors. “There is increasing demand for luxury apartments in cities like Pune, and we are well equipped to leverage our strengths to suprass customer’s expectations in all respects. Because of our strong track record, most of our projects are always completely booked even before launch.”
This Joint Venture transaction was structured and executed by Jones Lang LaSalle India Capital Markets. “This investment re-emphasizes the growing niche luxury residential market and the strong investor interest in companies developing it" said Mr. Gautam Hora, Associate Director, Jones Lang LaSalle Meghraj. "Companies such as Marvel Realtors are the harbingers of the future in Indian Real estate, as specialized developers they will be able to create more value for end owners and shareholders" he added
Marvel Realtors registered a 500% growth in the year ended March 2006 with a sales of Rs 172 crore.
In the Kharadi super luxury project, apartments will have specifications like exclusive swimming pools, spas in every apartment, extensive use of advanced home automation technology, Italian marble flooring and the latest VRV central air conditioning systems.
The project will be completed by 2010.
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