Thursday, May 05, 2011

Adani’s Plunge in Delhi-NCR Real Estate with M2K

Adani Realty Group and the M2K Realty Group, based from Delhi have inked the collaboration to develop residential projects in Delhi-NCR. This collaboration marks the venture of Adani Group in Delhi-NCR Real Estate Business. This collaboration will develop residential project on the plot of 41 acres owned by M2K Realty Group.

Adani Group’s real estate division will create two projects on separate lands, with the projected being 1,500 crore and the commercial terms of joint venture is 50 per cent sharing of costs and revenues both. 100 crores has been paid by Adani Realty to M2K out to total land cost of 200 crores, the remaining 100 crores will be released in phases.

According to CEO of Adani Realty Tarvinder Singh "The land parcels are along the Dwarka-Manesar expressway and is stretched to 18 and 23 acres. We estimate the saleable space to be of 3 million square feet”.

2 comments:

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