Panchshil inks MoU with Korean firm

City-based Panchshil Realty has entered into a memorandum of understanding (MoU) with Korean company Hanmi Global Co Ltd for the formulation of a business arrangement by which both parties would jointly pursue and perform consultancy services for project management (PM) and construction management (CM) services for construction and infrastructure projects in India.

This is a 50:50 joint venture between these two companies. The name of the new company is yet to finalise. This venture will help to reduce cost and time for the real estate project which are ongoing. Also, the new company will provide the PM and CM consultancy services to other companies involved in real estate developments.

Hanmi, is in the business of providing PM and CM consultancy services. Panchshil Realty and HanmiGlobal would work together on various aspects of the project, taking advantage of the growing Indian housing market and development of numerous infrastructure projects in the country.

To begin with, Panchshil Realty has entered in a Project Management and Construction Management Consultancy Service agreement with HanmiGlobal for two of upcoming developments in Pune.

Speaking on this, Chang Kim Rae, president, Hanmi said, "Many Korean companies are doing good business in India. Indian real estate business is growing and Hanmi is looking forward to grab these opportunities. This JV will also provide professional services to other real estate developers along with Panchshil projects."