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Anil Nanda tethers with MPC Synergy Realty

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Akme Projects Ltd, Anil Nanda Group Company has proclaimed about the tether with PE firm MPC Synergy Realty to develop 7 top residential ventures with a fair play investment of around Rs. 1,000 Crores. This 50:50 JV known as Akme Rhine River Ventures is developing 7 ventures at Ludhiana, Mohali, Greater Noida and 2 each in Bengaluru and Gurgaon and all the proposed ventures are likely to be completed by 2012.
JV is anticipating total auctions turnover of Rs. 7,000 Crores. Akme Projects, Chairman and MD Anil Nanda said to www.propertykhazana.com that, “The total equity investment in every three phases will be Rs. 1,000 Crores under this 50:50 JV. We are hoping Rs. 7,000 Crores turnover by 2012 from all phases.” MPC Synergy Realty is a JV among Geneva based PEI fund Synergy Asset Management Fund and MPC Capital, which is the biggest scheduled fund in Germany for about USD 18.5 Billion properties in the kitty.
Company’s Chief Operating Officer, Sonal Nanda said to www.propertykhazana.com that, “JV will be developing over 7,600 flats and 400 Villas in 7 ventures, which will be started in the present financial year.” Ludhiana venture is ongoing followed by Mohali and Bengaluru in initial phase and JV will develop 1,700 high-end apartments worth Rs. 1 Crores. First phase is excepting with a turnover of Rs. 1,900 Crores.
When questioned regarding the total investment e to develop these 7 ventures, Mr. Anil said that “the ventures for 2nd & 3rd phases are yet to plan, so it will be hard to turn up at total cost. But, both the associates are ready to put more equity if needed to construct these ventures”.

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