Punj Lloyd, a global EPC player in the energy and Infrastructure sector, has signed a memorandum of understanding (MoU) with the Ramprastha Group to set up a 50:50 joint venture (JV) for developing a multi-storied residential housing complex.According to an official release issued by Punj Lloyd, the MoU envisages development of residential apartments by the JV in Ghaziabad over approximately 29 acres in Vaishali, in the first phase. In the second phase, substantial real estate development is proposed in Indrapuram and Gurgaon, where the Ramprastha Group holds a large land-bank.Punj Lloyd is expected to make an initial investment in the joint venture to the extent of Rs 180 crore and a similar initial investment is planned by the Ramprastha Group.Both projects proposed to be taken up by the JV are located on the "under development' metro line, 25 minutes from Delhi's CBD. The projects form part of an integrated gated township. The projects envisage approximately 2.5 million sq ft of development and are expected to be delivered in a period of 4 years.The planning, design and construction of the residential complexes will be led by Punj Lloyd's Singapore based subsidiary, Sembawang Engineers and Constructors which has been actively involved in some of Singapore's major infrastructure and landmark real estate development projects like the Four Seasons Hotel, Singapore National Eye Centre, The Edge on Calrnhill Luxury Condominium, Ventura Place, among others. Key projects in India include the Ananda Health Spa in the Himalayas, GE Plaza in Pune and the luxurious GE Gardens Condominium in Mumbai.
