UK-based firm to invest in Indian realty via JV

Real estate firm GTM Builders and Promoters has entered into a 50:50 joint venture (JV) agreement with UK-based Konichiva Builders to develop a residential complex in Rajasthan with an investment of over Rs 200 crore.

The JV - GTM Konichiva Builders - would be in the nature of a partnership firm, according equal status to both the partners, according to a statement by GTM Builders & Promoters.

The residential complex, located at Bhiwadi, Rajasthan, would be developed over 2 million sq ft of area and comprises 1,200 flats and a commercial complex.

Konichiva Builders, which is engaged in the business of acquiring, consolidating and developing residential townships and other real estate activities, has been promoted by NRIs.

City-based GTM group is also engaged in the business of jewellery, music and blankets besides real estate.