15 December 2014
Vatika Group and GIC, Singapore’s sovereign wealth fund, through its affiliate, have entered into a joint venture to develop two residential projects on Dwarka Expressway, Gurgaon. The projects will meet the demand for high-quality residential units and will be developed by Vatika. They are expected to be completed by financial year 2018-19 and are expected to generate revenues in excess of Rs. 2,000 Cr.
The projects, with development potential at over 2.3 million sq ft, are located within five kilometers of Vatika Express City (120 hectares) and Vatika India Next (250 hectares), integrated townships where Vatika is already providing extensive social infrastructure including schools, hospitals, retail, parks and recreational spaces.
According to Gautam Bhalla, MD, Vatika Group, “The Group is happy to partner with GIC, a leading global investment organization with a strong vision and values that are in line with Vatika’s. We see this as a good start to a rewarding long-term partnership.”
Mr. Loh Wai Keong, Co-Head Asia, GIC Real Estate, said “GIC is confident of India’s growth potential over the long term. Vatika Group is one of the leading developers in Gurgaon and we are pleased to establish this partnership. We have nurtured long-term partnerships with developers across the globe successfully and hope that we will leverage each other’s strengths to grow this partnership steadily in the coming years.”