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Motilal Oswal Private Equity, Supreme Universal & Mirchandani Group jointly invest Rs. 60 crore to develop an upscale project in an upcoming location on the outskirts of Pune.

Mumbai 13-Sep-2012

Project has an estimated development potential of 7 lac sq.ft. and an expected topline of over Rs. 300 crore
Mumbai, September 13, 2012:
India Realty Excellence Fund, managed by Motilal Oswal Private Equity Advisors Pvt. Ltd., Supreme Universal – a prominent Mumbai Developer that has developed several premium projects in Mumbai & Pune and Mirchandani Group, which has a strong presence in Pune, Mumbai, Indore and Bhopal, today announced that they have entered into a Strategic Partnership. The three entities have floated a joint venture to develop over 16 acres of land in an upcoming location on the outskirts of Pune.

The rapid growth of Mumbai & Pune along the Expressway will transform into a huge corridor and the strategic location of Somatane is poised to become part of the mainstream development. Strategically located between Old Mumbai Pune Highway and Mumbai Pune Expressway, the project has an estimated development potential of 7 lac sq.ft. and will consist of upscale villas & apartments with state-of- the art amenities. The location is very well connected to important employment hubs of Hinjewadi, Talegaon and Pimpri Chinchwad.  

Harvesp Mehta, Director, India Realty Excellence Fund – “We believe suburbanization is the next big opportunity in Real Estate and existing major cities will continue to expand at an accelerating pace giving rise to self sustaining developments on their outskirts.”

Sanjay Mirchandani, Director, Mirchandani Group – “Each partner has brought in their core strength on the table with a desire to create an oasis of incomparable living. It will be an enclave designed for a sophisticated lifestyle.” 

Says Vishal Jumani, Director, Supreme Universal – “We are happy to associate with Mirchandani Group and Motilal Oswal Private Equity for the development of this project and are looking forward to setting a new benchmark in gated community development in Pune. The project location has great potential and will in times to come become a gateway to Pune city.”

About Motilal Oswal Private Equity Advisors Pvt. Ltd.
Motilal Oswal Private Equity Advisors Pvt. Ltd. (MOPE) is a wholly owned subsidiary of Motilal Oswal Financial Services Ltd. (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Private Equity and Investment Banking. MOPE has raised funds for India Business Excellence Fund (IBEF) and India Realty Excellence Fund (IREF) to invest in mid-market companies and real estate projects, respectively. IREF, launched in 2008 is an INR 200 crore ($ 45 million) domestic real estate fund focused on investing in real estate projects in metros and tier-1 cities in India. The average ticket size per project is typically in the range of INR 20 – 30 crore. The fund has already made six investments across asset classes. On the back of the success of IREF - I, MOPE is also in the process to put together IREF – II, an INR 500 crore domestic real estate fund.

About Mirchandani Group
The Mirchandani Group, with decades of experience has established itself as a top developer in the real estate industry. The group has delivered over 5 million square feet and has a whopping 4 million square feet under construction. These include residential townships, premium homes and commercial towers.
Their domain has been acquisition of large land parcels and creating masterpieces of community living. The recent projects, Mirchandani Palms, Mirchandani Bellagio and Sunshine Villas at Pune, have set excellent standards for township development.
On the anvil at Pune is a 2 million sq. ft. luxury residential project at Tathawade that will be a style statement making it an enviable and coveted destination for the discerning buyers. They are committed to delivering large-scale projects with exclusive amenities across the country. For the group a project is not just a structure that provides shelter for rest, work & play, but an opportunity to connect people and build an entire community.

About Supreme Universal
A name synonymous with luxury, Supreme Universal has, since their inception over 30 years ago, delivered projects that have consistently raised lifestyle benchmarks. The company has developed more than 50 projects to date, and has more than 15 projects underway in Mumbai and Pune. Supported by in-house teams of technical, managerial and legal professionals Supreme Universal is poised to achieve higher standards in quality construction.
Every Supreme project testifies to the company’s conviction in quality and efficiency, underscored by their ISO 9001:2008 certifications.
Supreme Pallacio - Apartmentos De Castillo the group’s flagship project in Pune won the “Best Luxury Segment Residential Property award”, at the CNBC AWAAZ- CRISIL & CREDAI Real Estate awards, 2010. Set in the heart of Baner, the project boasts luxurious 3 and 4 BHKs embellished with the choicest amenities. The project was also accorded ‘Luxury Project of the Year’ at the Realty Plus Excellence Awards, 2012.