 "Eiffel Group to invest Rs 300 cr in Maha's golden triangle")
Mumbai: As the second home phenomenon gains currency in the Mumbai-Pune-Nashik belt, realty player Eiffel Group has earmarked Rs 300 crore for the next three years to launch more projects in the region, referred to as Maharashtra’s ‘golden triangle’.
“We will be investing around Rs 300 crore for acquiring land and building the necessary infrastructure in this area. Besides, we may also develop certain residential facilities here, which we can promote as second homes,” Eiffel Group Director Shirish Mulekar told PTI.
“Eiffel Group is primarily into plot development. In realty parlance, plotted development means a developer sells large tracts of land after building basic infrastructure like sewage systems and roads,” he said.
“Investment in real estate is the best option today. There is an enormous appetite for plots situated within a 90-100 km radius of the Mumbai-Pune-Nashik belt, both for ownership as well as investment,” he added.
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He said areas such as Pen, Neral, Khalapur and Pali, near Mumbai, are a part of the golden triangle and are on the cusp of rapid development, as several infrastructure projects are coming up in the vicinity.
“Buyers are looking for investing in prime home projects in the city and its vicinity as prices are on fire in the city. But a property with a lower ticket price gives an opportunity to a common man as well as investors,” he said.
Moreover, Maharashtra has laid huge emphasis on infrastructure in the golden triangle, such as Panvel-Karjat rail connectivity, the Murbad highway and Sewri-Nhava Sheva trans-harbour link.
“These projects make the area ready for aggressive development,” he said.
The company has already acquired 500 acres in the area for plotted development and plans to acquire another 2,500 acres over the next two years.
In August, 2011, the company entered into an agreement with India Realty Excellence Fund (IREF), managed by Motilal Oswal Private Equity Advisors, to undertake plotted development projects at Karjat.
“We have already tied up for Rs 100 crore through the IREF deal. Eiffel will be pumping in Rs 100 crore. Besides, we will tie up with other financial institutions for another Rs 100-150 crore,” he said.
PTI
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