Citigroup Property Investors and Pune-based Gera Developments have inked a 50:50 joint venture for a $125 million (Rs 550 crore) project to develop a high-end residential project of over 2 million square feet at Kharadi in Pune."The project will be 85% residential and will be launched before Diwali and will be completed in 4 years. It will have 600 high-end apartments, a country club and a hotel spread," Kumar Gera, MD of Gera Developments, said.This is the fourth investment for Citicorp which has already invested in two IT parks, one in Noida and the other in Bangalore, each spread over 1.5 million sq ft and under construction. The third project on service apartments will begin by the end of the year. "We are investing $350 million in India," David Schaefer, Asia Pacific head of Citicorp Property Investors, said while refusing to give a break-up on the nature of investments."We are looking at Bangalore, Chennai, Pune, Hyderabad and Mumbai for further investments," Schaefer said.
