Real estate firm eyes foreign equity funds

Seasons Apartment Hotels, promoted by Pune-based real estate firm Naiknavare & Associates, has planned expansion of its business in Pune as well as in Kharghar, Navi Mumbai.

Hemant Naiknavare, director, Naiknavare & Associates, told mediapersons at a function to inaugurate the second property of Seasons Apartment Hotels that the group will open a 100-apartment property near Pune's Aga Khan Palace and another one with 50 apartments in Kharghar.

"Both these projects will get under way soon and will be completed in about 20 months," Naiknavare said.

He added that the firm is in negotiation with Indian as well as overseas investment groups for equity investment.

"We are in talks with an Israeli firm as well as one in Singapore," Naiknavare said, adding that a decision will be made in the next couple of months. He informed that the funds raised through equity will be utilised for the group's foray into commercial real estate.

A 3,00,000 sq ft automobiles mall is on the cards where all brands and models of two- and four-wheelers will be offered on a one-stop-shop basis, he explained. The project, to be started in September, will be complete in a couple of years, he said.

The second Seasons Apartment in the city's upmarket Aundh locality is a 50-apartment property, built at Rs 17 crore, excluding the land price, Naiknavare said. The property has four restaurants, a banquet hall and all modern amenities besides one and two bedroom apartments and studios.

The firm had earlier opened a smaller apartment hotel property at Koregaon Park.

The management of both the properties has been contracted out to Vitthal Kamat-promoted Concept Hospitality Limited, which runs the Mumbai-based Orchid Hotel. Naiknavare said the apartment hotels will reach an operational breakeven in about 18 months.