India Real Estate Monitor

Pune-based DS Kulkarni Developers Ltd has inked a shareholders contract with GTC Cyprus to mutually develop a two hundred fifty acre multi-services special economic zone (SEZ) in Pune through a 50:50 joint venture.
GTC Cyprus is the real estate company of the Netherlands-based Kardan Group.
The Kardan Group has real estate projects in western eastern and central Europe, and China. This will be the group’s first venture in India.
“GTC will invest ninety million dollar to acquire the land,” a DS Kulkarni official said. “Any further equity contribution shall be made by DS Kulkarni Developers and GTC in their respective shareholding proportion,” he added.
The overall built-up area of the project is estimated to be more than 15 million sq ft and the total investment in the project is estimated at around one million dollar.
In 2007, GTC Real Estate had signed a “term sheet” with DS Kulkarni Developers for the development of a phased commercial and residential project in Pune.
The term sheet had stated that both the parties would set up a 50:50 joint venture. DS Kulkarni Developers will transfer to the JV a plot of approximately one million square metres. In consideration for its share in the joint venture, GTC will transfer, in installments.
Kardan is an international investment company based in the Netherlands, listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange.