High-end real estate developer Marvel Realtors will invest Rs 2,100 cr to set up two residential and one commercial projects in prime business locations in Pune over next three to four years.
This investment is considered to be crucial as the firm plans to deliver residential units costing more than Rs 1 crore in the wake of the on-going slump in the real estate market.
Marvel realtors are setting up residential projects namely Marvel Zephyr and Marvel Isola in Kharadi and NIBM Road in Pune, which will jointly see an investment of Rs 1,200 cr.
Both projects would be in the category of super-luxury residential apartments.
Marvel Realotrs recently bought a manufaturing company's premises in Viman Nagar region in Pune, where it has planned a one million square foot high-end non-IT commercial space titled Marvel Edge.
"We are necessarily into super-luxurious categories of real estate. Despite of the slowdown in the market, we have already sold more than 40% of our projects before the actual launch.
Our property locations are the key to our business and we will continue to grow in this same segment," said Marvel Realtors CEO Vishwajeet Javhar.
The company has laucnhyed more than 12 project within last four years, which Javhar claims as a big achievement in Pune market.
"Our residential apartments would have all the facilities such as air conditioning, electronic controls and other high-end facilities. The apartments are more than 1,000 sqft each and would cost more than Rs 1 cr," Javhar stated.
