News & Views on Indian Real Estate

Tuesday, June 17, 2008

HDFC takes stake in Acme's housing project

HDFC Property Fund international has picked up a nearly 50 per cent stake in Mumbai-based Acme Group's housing project at Thane in Mumbai. Though the fund has bought the stake in a special purpose vehicle (SPV) to develop an eco- township, the exact financial details is yet to be known. The township - Acme Ozone - will spread over 1.1 million sq.ft and will have 760 residential apartments along with a small commercial space based on the eco-living theme. Work on the township project is underway and expected to be completed within four years.