Pune Development Partnership
Pune-based DS Kulkarni Developers Ltd has joined forces with GTC Cyprus in a landmark partnership to create a two hundred fifty acre multi-services Special Economic Zone (SEZ) in Pune. This collaboration, structured as a 50:50 joint venture, marks a significant foray into the Indian real estate landscape for GTC Cyprus, the real estate arm of the Netherlands-based Kardan Group.
Kardan Group Expansion
The Kardan Group, well-known across western, eastern, and central Europe as well as China, embarks on its maiden venture in India through GTC Cyprus. In adherence to the agreement, GTC Cyprus pledges to invest ninety million dollars for the procurement of the land. The equity investment, extending beyond the initial land acquisition, will be shared between DS Kulkarni Developers and GTC Cyprus, according to the shareholding proportions of each partner.
Project Scope
The upcoming project represents a substantial addition to Pune's urban landscape, with an estimated constructed area exceeding 15 million square feet. A massive investment of nearly one million dollars is outlined for this comprehensive development. The collaboration between GTC Cyprus and DS Kulkarni Developers dates back to 2007, when an initial agreement was signed to develop a progressively phased commercial and residential project in Pune.
International Scope
Kardan, listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange, operates as an international investment company based in the Netherlands. This multifaceted investment venture underscores Kardan's interest in exploring new markets, in this case, the thriving Indian real estate sector.