INDIA BUSINESS WORLD OCTOBER (1^st - 20^th) 2007
The Month that was ...

CAPITALAND TO INVEST RS 700CR ON JV WITH DS KULKARNI

In one of the largest real estate deals in India, CapitaLand - South-East Asia's largest Real Estate Investment Trust (REIT) - is all set to form a 50:50 JV with Pune-based property firm DS Kulkarni Developers (DSKDL) to develop the latter's 60 acres. CapitaLand will invest around Rs 700 crore to set up residential cum IT/ITeS and retail complex.

DSKDL is currently developing 250 acres multi-services SEZ in its privately owned land in Pune.

Sources close to the development said that out of the 250 acres, the JV will be develop 60-30 acres as IT /ITeS processing unit while the balance 30 acres as a residential and retail unit. When contacted DSKDL chairman and managing director DS Kulkarni declined to comment on the deal. International property consultancy firm DTZ is advising DSKD on the deal.

The DSKDL-CapitaLand joint venture will be the third deal for the Singapore firm in the local market. CapitaLand had formed a JV with Mumbai-based developer Runwal group while it has tied up with Pantaloon Retail to manage a portfolio of 50 malls across 30 Indian cities over the next two to three years. Under the plan, CapitaLand-owned REIT would purchase 30 acres from DSKDL and develop the same as a commercial property.