| Och-Ziff, Marvel In JV for Rs500cr Pune project |
| BS Reporter / Pune September 7, 2007 |
| New York based Och-Ziff Capital Management Group and Pune-based Marvel Realtors and Developers have agreed to form a joint venture for the development of a super luxury housing project at Kalyani Nagar in Pune. The project will have a built-up area of 1.10 million sq ft on a 7 lakh sq ft plot. The project will have a mix of different sizes of luxury apartments catering to diverse needs of customers. Apartments in the project will have amenities like exclusive swimming pools, spas in every apartment, extensive use of advanced home automation technology, Italian marble flooring and the latest VRV central air conditioning systems. The project will be completed by 2010. Vishwajeet Jhavar, CEO, Marvel Realtors told Business Standard that the joint venture has been formed on a revenue sharing basis. "Och-Ziff Capital Management Group has invested Rs 100 crore in land and this will be its equity contribution to the project...Another Rs 350 crore will come from Marvel. The sales revenues will be shared in the ratio of 41:59 by the JV partners Och-Ziff and Marvel Realtors, Jhavar said. Land has already been purchased and funds required for construction and cost escalations, if any, will be brought in by Marvel Realty from internal acruals, sale proceeds of residential units and debt where required. The JV is a recognition of Marvel |
