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MARKETING PACT: Ms Ludmila Sclifos, Chief Executive Officer, Sternon Group, and Mr Arun Kumar Kedia, Director, Garnet Construction Ltd, addressing a press conference in Mumbai on Wednesday. — Shashi Ashiwal

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Mumbai Feb 21 Garnet Construction Ltd has entered into a three-year exclusive marketing alliance with the Sternon Group, a Dubai-based real estate developer, for global marketing of its project called Magic Hills, spanning 400 acres on the Mumbai- Pune express highway.

The project is valued at Rs 1,200 crore. Garnet plans to raise $60 million by way of foreign currency convertible bonds (FCCBs) or from internal accruals, while the Sternon Group plans to invest $3-4 million.

"The first phase of the project will be completed in 2008," said Mr Arun Kedia, Director of Garnet Construction. It will comprise 3,000-3,500 residential units.

The company plans to target NRIs in the UK, the US and West Asia for the project.

"Global buyers are showing a lot of interest in Indian properties and our exclusive marketing alliance with the Sternon Group is a step in this direction," said Mr Kedia.

More Stories on : Announcements | Real Estate & Construction | Maharashtra

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