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SUN Apollo reserves stake in Keystone Realtors

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Reported sources said at the www.propertykhazana.com that, SUN Apollo Ventures, a JV firm has purchased up to 17% share in Mumbai based developer Keystone Realtors for Rs. 400 Crores by making it as the first PE deal in the cash crunch realty space in the year 2009. Keystone officer said to www.proeprtykhazana.com that, “The deal values Keystone at Rs. 2,500 Crores and SUN Apollo India Realty Fund the USD 650 Million seaward fund of SUN Apollo will invest in present foreign direct investment (FDI) acquiescent ventures of Keystone also called as Rustomjee group and future ventures of the developer.”
The Foreign Investment Promotion Board (FIPB) has clarified the Keystone plan for the seaward investment. Chairman of Keystone Realtors said to www.propertykhazana.com that, “The deal accepts consequence as PE deals have entirely declined the realty space in the last 5-6 months after property rates collided across the country owing to a downturn in realty auctions. Keystone is crediting revenues of Rs. 250 Crores every year and proposals to register an auctions growth of about 150 every year.” For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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