Anil Nanda Group company Akme Projects Ltd on Tuesday announced a joint venture with German-Swiss based private equity firm MPC Synergy Real Estate to develop seven premium housing projects with an investment of about Rs 1,000 crore.
MPC Synergy Real Estate chairman Jay Oberai said the German PE firm is planning to invest $1 billion in Indian real estate sector within a year. Oberai said the company is also in talks with developers in Mumbai and Hyderabad, where it is willing to invest up to $ 400 million.
The 50:50 joint venture, named Akme Rhine River Projects will develop seven projects at Ludhiana, Mohali, Greater Noida and two each in Bangalore and Gurgaon by 2012. MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany with over $18.5 billion assets under management.
Akme Projects CMD Anil Nanda said the JV company is targeting a turnover of Rs 7,000 crore by 2012. The JV would develop more than 7,600 apartments and 400 villas in seven projects, which will be launched in the current financial year, company’s chief operating officer Sonal Nanda said.
The Ludhiana project was launched on Tuesday, to be followed by Mohali and Bangalore in the first phase. The JV would develop 1,700 high-end flats, costing about Rs q crore, in the first phase with an expected turnover of Rs 1,900 crore.
Akme Projects has presence in Bangalore property market and the launch of Ludhiana project marks the company’s foray into north India. It has delivered 2.7 million sq ft of area so far and has plans to achieve 10 million sq ft by 2010, mostly in housing segment.
The Delhi-based company posted a turnover of over Rs 300 crore in 2007-08 and is aiming to achieve a revenue of Rs 500 crore in current fiscal. Akme CMD Nanda is bullish on realty growth due to its demographic advantage and said there is a great demand for quality residential dwellings.
Source: Times of India