Pegasus Realty to pump in Rs 700 crore through JV

Dubai-based Pegasus Realty will invest Rs 700 crore in Pune, Hyderabad, Chennai and Coimbatore through joint ventures. The firm is also in talks with a Holland-based equity fund, having a $200 million corpus, for the Indian hospitality sector

Apart from investing in the realty sector, the firm will offer a wide range of international realty projects, ranging between Rs 50 lakh and Rs 20 crore, to the Indian investors.

"We have earmarked Rs 700 crore for the realty sector in Pune, Hyderabad, Chennai and Coimbatore. Also, we are in talks with a Holland-based venture capitalist who have $200 million for investments in the hospitality sector in India," said Imitiaz Panjwani, chairman, Pegasus Realty.

Refusing to mention the nature of investments in each city, he said, "In Chennai, the group has identified a site on the Old Mahabalipuram Road, while in Coimbatore it has entered into a JV for offering consultancy and is still in the process of identifying a JV in Hyderabad. Even in Pune, the group is identifying the projects they would like to associate with."

"We plan to build malls and townships in the country and are also in the process of identifying projects in the hospitality sector, including hotels and resorts," he said.

The company is in the process of setting up sales network that would be operational in New Delhi, Mumbai, Chennai, Bangalore, Kolkata, Pune and Hyderabad within a year. It has entered into a strategic alliance with Pune-based Vishal Group for identifying JV partners for Pegasus Realty.

"We would market Pegasus's projects here and partner with the group for their real-estate projects in India," said Vishal Mody of Vishal Group.

Vishal Group has over 30 lakh sq ft of land in Baner, Wakad, Nagar Rd, Viman Nagar, Kharadi and other areas and is also known for its successful partnerships with prominent city builders such as Kumar Builders, Gulmohar and Naik Navare which has service apartments.