You are on page 1of 1

Updated: pril 12, 2008 11:18:55 PM | WWW.


Indian Real estate developers are jostling hard to take up the opportunities around the two
SEZs promoted by Reliance Industries (RIL), Maha Mumbai SEZ (MMSEZ) and Navi
Mumbai SEZ (NMSEZ), which it has started in JV with CIDCO).

Situated in Raigarh, both the SEZs cover a land area of 14,000 hectares. Most individuals
have also parked their money in the Mandwa and Alibag region and hoped for the prices
to shoot up in near future due to proposed SEZs and Rewas-Aware seaport.

The craze for developing SEZs can easily be seen among property developers, whether
prominent or start up businesses. For example, a city based Construction Company,
Samira Habitats is drawing up plans to develop SEZ in Poynad, which is 6 km away from
the MMSEZ. The company has already appointed Meghraj SP Corporate Finance to
search for potential private equity partners to raise funds for the venture.

Hiranandani Constructions, a Mumbai based real estate developer, has also bought 200
acres of land in Nagaon near Alibagh, which lies 24 km from MMSEZ. The development
plans are in progress, says officials.

The company has around 200 acre land bank with it. Out of which, it is planning to use
just 25-40 acres for the development of SEZ and the rest for the health farms, medical
facilities, a international educational institution, a three star hotel around the SEZ. The
group aims to incorporate a whopping investment over Rs. 100 crore for the venture.

Alibag will not remain as a getaway destination but will emerge as a suburb to the SEZs.
Featuring an array of the world-class infrastructure facilities, excellent jobs prospects,
and better lifestyles, the surrounding areas will see great demand coming, says Sameer
Nerurkar Managing director, Samira Constructions.

22 Nov, 2007, 0105 hrs IST, TNN

MUMBAI: Indiareit Fund Advisors, the real estate funds controlled by the Ajay Piramal
group, said on Wednesday that it has formed a joint venture with Alibaug-based
developer Samira Habitats to develop luxury residential units in Alibaug. Indiareit will
invest up to Rs 250 crore in the residential project. Samira plans to develop apartments
and villas across 1,000 acres in Alibaug, a coastal area near Mumbai. The expected
market value of the projects would be more than Rs 1,000 crore.

Indiareit, which manages $470 million, will own 50% of the project. It will invest Rs 100
crore in the first phase, Indiareit managing director Ramesh Jogani said. “The region is
turning into an attractive destination given its proximity to Mumbai and emergence of
large special economic zones,” he said.

Indiareit manages three funds, including a $200 million offshore fund, where UK-based
private equity firm 3i Group is the cornerstone investor. Managing director Sameer A
Nerurkar, said, “The projects will make Alibaug a base of primary homes, instead of
holiday and weekend homes as in the past.”

Residential prices in Mumbai have more than doubled in the past three years, a