Eiffel Group to invest Rs 300 crore in golden triangle belt

Company has already acquired 500 acres in the area, plans to acquire another 2,500 acres in next 2 years.

As the second home phenomenon gains currency in the industrially-developed Mumbai-Pune- Nashik belt, realty player Eiffel Group has earmarked Rs 300 crore over the next three years to launch more projects in the region, referred to as the state's 'golden triangle'.

Eiffel Group is primarily into plot development. In realty parlance, plotted development means a developer sells large tracts of land after building basic infrastructure like sewage systems and roads.

"We will be investing around Rs 300 crore for acquiring land as well as building the necessary infrastructure in this area. Besides, we may also develop certain residential facilities here, which we can promote as second homes," Eiffel Group director Shirish Mulekar said."Investment in real estate is the best option today. There is an enormous appetite for plots situated within 90-100 km radius of the Mumbai-Pune-Nashik belt, both for ownership as well as an investment," Mulekar said.

He said, areas such as Pen, Neral, Khalapur and Pali, near Mumbai, are a part of the golden triangle and therefore are on the cusp of rapid development as several infrastructure projects are coming up in the vicinity.

"Buyers are looking for investing in prime home projects in the city and its vicinity, as prices are on fire in the city. But a property, with lower ticket price gives an opportunity even to a common man as well as investors," he said.

Moreover, Maharashtra has laid huge emphasis on infrastructure in the golden triangle, such as Panvel-Karjat rail connectivity, Murbad highway and Sewri-Nhava Sheva transharbour link. "These projects make the area ready for aggressive development," he said.

The company has already acquired 500 acre in the area for plotted development and plans to acquire another 2,500 acres over the next two years.

In August 2011, the company had entered into an agreement with India Realty Excellence Fund (IREF), managed by Motilal Oswal Private Equity Advisors, to undertake plotted development projects at Karjat.

"We have already tied-up for Rs 100 crore through the IREF deal. Eiffel will be pumping in Rs 100 crore. Besides, we will tie-up with other financial institutions for another Rs 100-150 crore," he said.