News & Views on Indian Real Estate

Saturday, May 31, 2008

Akme projects joins hands with private equity firm MPC synergy

Akme Projects Ltd, the flagship company of The Anil Nanda Group has entered into a joint venture (JV) with private equity company, MPC Synergy Real Estate, to construct seven premium residential projects at an investment of about Rs 1,000 crore. The 50:50 JV called Akme Rhine River Projects will develop seven projects at Ludhiana, Mohali, Greater Noida, and two each in Bangalore and Gurgaon by 2012. The JV is optimistic of a total sales turnover of Rs 7,000 crore over the next four years. The joint venture would construct more than 7,600 apartments and 400 villas in seven projects, which will be launched in 2008-09. MPC Synergy Real Estate is a JV between Geneva-based private equity investment fund Synergy Asset Management Fund and MPC Capital, the largest listed fund in Germany, with over $18.5 billion assets under management. Akme Projects has its presence in the Bangalore property market and the launch of the Ludhiana project marks the company's entry into north India. It has delivered 2.7 million square feet of area so far, and has plans to achieve 10 million square feet by 2010, mostly in the housing segment. Akme is bullish on realty growth due to its demographic advantage and said there is a great demand for quality residential dwellings.