Eredene to invest £16.4 million in Mumbai Properties

August 1, 2007	(Be the first to rate this story!)  Loading ...
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India focused real estate investor Eredene Capital is planning to invest around $1,312 million in a project to construct around 1,85,000 low income residential units on the Mumbai outskirts.

With the project, the company envisages to cash in on soaring demand for affordable homes in the city.

The Eredene Capital will acquire an equity stake in Matheran Realty Private Ltd (MRPL) which will offer a 55% economic interest and 49% of the voting rights. MRPL is a newly formed company that will construct the proposed residential units in eight locations across the Mumbai Metropolitan region.

The project has been scheduled to begin in 2008. The first pre-sales of residential units developed by MRPL is also expected to begin the next year.

MRPL has some pending projects which will be completed within a time period of 10 years.

News Published Under:   Real Estate Developers |

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