Samira Habitats to develop real estate at Alibag, Pnvl

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Indiareit Fund Advisors Pvt Ltd - a leading real estate venture capital fund promoted by Mr. Ajay Piramal - today announced a milestone investment to unlock development potential at emerging areas of Alibag & Panvel. Teaming with Samira Habitats - which is amongst the largest realty developers in this region, Indiareit envisions transforming Alibag as residential area of preference for a first home for the upwardly mobile of Mumbai.

 

The joint initiative would involve acquisition & development of around 560 acres of space at Rewas - Alibaug - Kashid belt (RAK region) and Panvel. The expected market value of these projects would exceed INR 1000 Crores. Going forward, Samira plans to acquire another 460 acres of space together with Indiareit.

 

Sharing his vision on the partnership, Mr. Ramesh Jogani - CEO & MD, Indiareit Fund Advisors Pvt Ltd, said, " The RAK Region & Panvel are increasingly turning into attractive investment destinations, given their proximity to Mumbai and emergence of large format SEZ projects, promising to shift bulk of economic and commercial activity here within next decade. We believe that Alibag will soon become the primary residential zone catering to south Mumbai, like any other suburb of the city. However, to take it to next growth curve and transform it from 'distant second-home' alternative to 'close first-home heaven', requires a right blend of  dynamism, experience and implementation expertise - which Samira brings to table, coupled with vision and capital infusion - which Indiareit has committed to these projects. Indiareit, in its constant pursuit of creating winning opportunities for its investors, is proud to partner with Samira in this endeavor. We are really excited on the possibilities of evolving Alibaug as 'global lifestyle destination' and are on confident on the growth prospects."

 

Sharing the proposed development plans for these regions, Mr. Sameer Nerurkar, MD - Samira Habitats, said, " This partnership with Indiareit strongly reinforces our trust in the huge untapped potential for growth, these regions offer. The support from Indiareit's support and their to our vision vision will inspire us to bring world-class infrastructure and create global real estate benchmarks."

 

The current projects at RAK Region will be spread across three specific areas, namely MapgaonNagaon (Beach Property), Mapgaon, & Parhur.  - which is already a popular destination for celebrity villas and is just 10 KMs from Mandva jetty; Kurul - which is close to Alibaug town and has a hilly background, besides offering easy access to Alibaug-Goa highway and just 4 KMs away from Akshi-nagaom beach and Purhar - which is again a beautiful hilly location and is 8 KM from Alibag town. The other sites are at Jirad, Poynad, Kurul, Panvel, Revdanda &Navi Panvel.Mumbai.

 

The projects are expected to be completed in 4 years.

 

Sourced From: Adfactors Public Relations Pvt Ltd