Thursday, August 21, 2008
Dubai-based based Sternon Real Estate and Mumbai-based Garnet Construction said their NRI township,'Magic Hills Residences' in Navi Mumbai will start construction works in October and complete the first phase in 18 months. Mr. Hussaini F. Nalwalla, Managing Director of Sternon Group, said, "The main benefit for NRIs who booked in the first phase of Magic Hills is that they will enjoy a huge price advantage, as the rate has already appreciated three-fold. We understand the delay in the start of construction has caused concern among some sections of NRIs, but we assure all investors that the project is all set to take off from October." The project is being marketed exclusively to non-resident Indians, especially in UAE. The project has attracted global interest, and Phase 1 has already been sold out.