Friday, September 7, 2007

Och-Ziff Capital, New York, has got into a JV with Marvel Realtors, for a Rs.500 crore luxurious residencial project in Pune

The Marvel-Och-Ziff super luxury residential real estate project will come up in Kharadi, Pune. The project will have a built-up area of 1.10 million sq ft on a seven-lakh sq ft plot. The project will have a mix of 400 different sizes of luxury apartments.

At the Kharadi super luxury project, apartments will have specifications like exclusive swimming pools, spas in every apartment, extensive use of advanced home automation technology, Italian marble flooring and the latest VRV central air conditioning systems.

Construction begins in three months and the project will be completed by 2010.

“Presently this is a project specific JV with Marvel having a 55 per cent stake and Och-Ziff picking up 45 per cent. But we will do more deals with them and are open to all possible business ideas,” Vishwajeet Jhavar, CEO, Marvel Realtors said. The investment in the project will be Rs 350 crore with Rs 100 crore being the investment in land.

Automated super luxury apartment makers:

The demand for super luxury homes in Pune was increasing with demand outstripping supply by many times. Marvel has been able to sell projects even before formally launching them.

Marvel already has ongoing projects in Pune in the super luxury range with Rs four crore plus price tags. It has completed five super luxury projects and 12 regular projects covering 4.40 million sq ft worth about Rs 2,000 crore.

Marvel is a six-year-old Rs 176 crore turnover company promoted by a group of five young professionals with diverse experience in construction, engineering, electronics, automation and finance

"Global Hedge Fund" ? It's Wall Street, US Hedge Fund:

Och-Ziff is a New York-based global hedge fund. Och-Ziff has invested US $ 55 million in Bangalore-based Nitesh Estates and in another company in Hyderabad. Och-Ziff Capital founded in 1994 by Daniel Och, senior managing member currently manages over $ 29 billion and has offices in the US, Europe and Asia.
Source: PUNE Newsline

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