Eiffel Group has announced to enter into an agreement with India Realty Excellence Fund (IREF) to develop one of its largest plotted development project at Karjat.
IREF, managed by Motilal Oswal Private Equity Advisors, and Eiffel have floated a joint venture for developing the project, which is spread across 120 acres at Karjat, the company said in a statement.
The project will consist of well-demarcated non-agricultural plots of 1,600 square feet onwards, with an option to construct cottages/bungalows depending on the customer’s requirement and specifications, the release said.
“After the grand success of our bungalow plot colony Aditya Nissarg in Pune, we have extensive expansion plans to cater to the Mumbai market and look forward to use our real estate expertise to develop many such exclusive communities and first home projects,” Eiffel Director, Shirsh Mulekar, said.
The group, which has its projects in Nagpur, Delhi, Pune and Bangalore, is currently developing over 25 million square feet of area and has planned another 119 million square feet of developmental projects.
“Our research on plotted development shows that there is an enormous appetite for plots situated within 90-100 kilometre radius of metros like Mumbai, both from an ownership use as well as an investment perspective. Combining the synergies of the two firms together we will surely make this a landmark project in the area,” India Realty Excellence Fund Director, Harvesp Mehta, said.
