Yet another real estate investment in Pune. Och-Ziff has invested Rs.120 Crore in Marvel Zephyr and Rs.150 Crore in Marvel Edge- residential and commercial projects of Pune-based Marvel Realtors.
Marvel Zephyr, a Rs 600 crore super-luxury project cates to residential segment. It is located in Kharadi and will have a built-up area of 1.10 million sq ft (about 22 acre) with an expected completion time of 36 months. It will target IT segment and the NRIs coming back to India.
Zephyr has ‘one apartment per floor’ concept and has been made as truly opulent apartments. They have sprawling luxurious sizes and private swimming pools with lots of space.Another project called Marvel Edge, located at Viman Nagar will be 10 Lac sq. ft. of state-of-the-art Office spaces. It is a Rs.600 crore catering to the commercial segment. Another project named Marvel Isola will have 8 buildings of 22 storeys in 15 acres of land, with large green spaces in between.
Och-Ziff had already announced the association in the first project (a JV project) in September 2007. Och-Ziff does not have many direct investments in India, though it has invested in few companies through private equity funds AMIF I Mauritius and AMIF II Ltd AIICO Managed Investment Fund. These companies include Future Capital Holdings Ltd., Gammon Infrastructure Projects Ltd., Kalindee Rail Nirman (Engineers) Ltd.(15.2%) and Kalyani Steels. It has also invested Rs 250 Crore for a 25% direct stake in Nitesh Estates, a Pune based Real estate firm.
Panchshil Realty, Mantri Developers, Paranjape Schemes Construction Ltd (PSCL), Uppal Group and Pegasus properties are other realty developers which are involved in various projects in Pune.