KIAC and City Corporation to Form JV Company

May 31, 2007	(Be the first to rate this story!)  Loading ...
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Kshitij Investment Advisory Company (KIAC), the real estate arm of Future Group and Pune’s real estate developer, City Corporation are to establish a joint venture for the construction of a 2.8 million sq ft. Market City. The space will come within the Amanora Park Township being developed by City Corporation.

The firm is looking forward to make investment worth $45 million. The amount will be parked in as equity from the combined $430 million corpus belonging to Kshitij Venture Capital Fund and Horizon Realty LLC, both interested to invest in Indian realty.

City Corporation is to float a special purpose vehicle company – City Realty, to make up for another $45 million, reveals Shishir Baijal, the Managing Director and Chief Executive Officer, KIAC.

With Market City projects in cities like Mumbai, Hyderabad, Bangalore and Chennai, the concerned project will be the seventh being built by Kshitij country wide. All these projects are under development.

The Market City will feature the segments including retail, entertainment, commercial spaces, and hospitality. The project is believed to include a 300 hotel room, a convention centre, service apartments, and community centre featuring amphi-theatres.

News Published Under:   Real Estate India, Real Estate Developers |

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