BENGALURU | MUMBAI | NEW DELHI: Adani Realty, a subsidiary of Adani Enterprises, has entered into an agreement with New York based, India-focused investment firm Brahma Management to jointly develop a 150-acre township in Gurgaon, said three people aware of the development.
"Both the partners have been in talks and have signed the agreement recently," according to one of the sources. "Adani Group is looking to expand its real estate business and is actively scouting to enter into joint development agreements or buy land. The group has recently bought properties from builders, who need cash to repay debt." Adani Realty declined to comment for this story. Emails sent to Brahma Management did not elicit any response till the time of going to press.
Brahma is an FDI-funded asset management group that focuses on the Indian real estate sector and has over $500 million of assets under management. It acquired the land in Gurgaon's Sector 62 and 63, just off the Golf Course Extension Road, for the project, christened Brahma City, for Rs 650 crore in 2010. The company had planned to develop town homes and villas as well as educational, leisure, recreational, service, commercial, retail and other ancillary areas and facilities. The total development potential of the project is estimated to be 5 million square feet."Brahma bought the land at Rs 3-4 crore per acre and has obtained licence from the Haryana government for building a township," said a senior executive at a global real estate brokerage firm. "The development cost of the project is around $200 million."Recently, the 50,000-crore Adani Group's realty arm launched a luxury residential project at Four Bungalows, a posh area in Mumbai's Andheri suburb. The project is coming up on two acres of land the Adani Group bought from Mumbai developer Housing Development & Infrastructure (HDIL) for Rs 900 crore.