The Hindu Business Line : Pegasus in talks with Dutch fund for $200-m investment in Pune

Build-up
The company is scouting for local partners through which it will invest in developing townships.
Pegasus is currently promoting a villa scheme called `Al Barari' at Dubai Land.

Pune , Aug 11

The Dubai-based Pegasus Realty LLC, part of the Pegasus Group with interests in trading and food and beverages, has said that it has lined up investments of Rs 700 crore in real estate in Pune, Chennai, Hyderabad and Coimbatore.

It is also in the initial stages of discussion with a Dutch private equity fund, which wants to invest $200 million in Pune.

Speaking to presspersons, Mr Imtiaz Panjwani, Chairman, said that the company is scouting for local partners through which it will invest in developing townships, premium residential communities and malls in various cities.

The company has already tied up with local partners in Chennai and Coimbatore for residential properties and is likely to make an announcement in this regard next month, he added.

Pegasus is currently promoting a villa scheme called `Al Barari' at Dubai Land.

Sporting price tags of Rs 13-18 crore, each of the villas, upwards of over 15,000 sq ft, will come completely designed.

Situated near Dubai's racecourse, the property comes with facilities such as spas, rejuvenation homes and a seven-star boutique hotel and is aimed at high net worth individuals in India, especially the racing community.

Dubai is ideally located on the flight path to every destination including South-East Asia and Europe. With a thriving economy in place, this could be the perfect place to work and live in, Mr Panjwani said.

The company has, meanwhile, already sold a few units at Hampshire Residences, a premium apartment complex for which it is the sole marketing agent, to buyers in India.

Mr Panjwani said that the complex, situated in the heart of Kuala Lumpur, has generated a lot of interest in potential buyers in south India.

The Malaysian property begins with rates of 6,450 per sq ft and will cost upwards of Rs 75 lakhs for a single bedroom apartment.

Pegasus has also tied up with the Pune-based Vishal Group, which will act as its channel partner for marketing the properties in Dubai and Malaysia.

"We will also be instrumental in identifying joint venture partners for Pegasus Realty in India," said Mr Vishal Mody of the Vishal group.

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