GM Infra Ventures, a joint venture of city-based Manjeera Constructions and Gowra Group and Mumbai-based venture capital firm Milestone Capital, is coming up with its maiden commercial real estate project – Platina – with an investment of Rs 150 crore at Gachibowli here.
“The four-acre project will comprise 400,000 sft of commercial office space targeted at small and medium IT enterprises, with business space ranging from 1,440 sft to 40,000 sft. The venture will have an equity component of Rs 50 crore and an equal amount through debt from Bank of Baroda while the remaining will be met through pre-sale proceeds,” G Yoganand, chairman of Manjeera Group, said on Wednesday.
Yoganand said the company had earmarked land for a star hotel on the project premises, which will be developed by Manjeera Constructions and Gowra Group and was looking at putting it up for sale to investors.
Manjeera Constructions is developing a mall on 10-acre at Kukatpally in the city, and had already signed up Cinepolis for a five-screen 1,500-seater multiplex. “The realisable value of the project works out to Rs 300 crore,” he said.
Yoganand said Manjeera Group had Rs 2,000 crore worth of projects spread over 5 million sft, most of which were delayed by 18 months due to the downturn in the real estate market. “With signs of revival, we will soon commence construction and complete them in the next two-and-a-half years,” he added.
Manjeera Constructions’ scrip rose 1.60 per cent to end the trade at Rs 82.55 on the BSE on Wednesday, over the previous close of Rs 81.25.
