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Gera Developments, creators of premium residential and commercial projects, has expanded its footprint internationally with the completion of construction of two mixed-use condominium projects in San Francisco, California and the launch of sales.
Gera Developments through its wholly-owned US subsidiary, Outdo Inc. has invested in project SPVs that are developing these projects. Outdo Inc owns a 50 per cent stake in each project.
Both projects are located in the South of Market district in the immediate proximity of many technology companies including the headquarters for public companies Twitter Inc., Dolby Laboratories, Inc. and Square Inc.
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Overall, the Pune residential real estate market is gathering momentum sequentially.The first project is called 1288 Howard. Situated on Howard Street in San Francisco, the project has 129 residential units comprising studios, one- and two-bedroom flats, artist-style lofts and townhouses. The second project, Le Centre is located at 42 Otis Street, San Francisco consists of 24 residential studios along with commercial space spanning over 3,500 square feet.
Launch of sales
Rohit Gera, Managing Director, Gera Developments, said, “It is a matter of great pride for us to be among the very few Indian real estate developers expanding internationally especially by establishing a presence in California. We are proud to announce the completion and launch of sales of our two very prestigious projects during our 50th year celebrations”
Nikhil Gera, President, Outdo Inc.said, “ The total top line for these projects is approximately $150 million or ₹1,150 crores, we anticipate achieving an average sales price of $1350 per square foot or ₹1 lakh per square foot and above. The experience of developing these two projects in San Francisco, with high-end specifications and finishes will certainly enhance our ability to refine our upcoming projects in India as the market evolves.”
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