Marvel Realtors launches three residential projects

Pune: With funding from Och Ziff Capital Management Group, Pune-based Marvel Realtors is launching three projects catering to residential and commercial segments.

Talking to presspersons, Mr Vishwajeet Jhavar, Chief Executive Officer, Marvel Realtors, said the first project Marvel Zephyr is a Rs 600-crore project addressing the residential segment. Och Ziff has invested Rs 120 crore in the project.

The Hi-tech complex project would have 320 units catering to the two, three and four BHKs.

It would offer customers apartment management system with touch screens and remote controls.

The project is spread over 22 acres and is expected to be completed within 36 months. Located at Kharadi, he said, the project would begin in 15 days.

About 40 per cent of the apartments have been sold in the pre-offer scheme, Mr Jhavar said, which it has been running for two months.

The apartment cost would range from Rs 1 crore to Rs 3 crore.

Asked about the segment to which it would be catering to, he said the target was the IT segment as also NRIs coming back to India as better opportunities were available in the country.

Mr Jhavar said the second project, Marvel Edge, catering to the commercial segment, would be spread over 10 lakh sq ft and would be located at Viman Nagar.

The project cost for this is Rs 900 crore, of which Och Ziff has invested Rs 150 crore.

He said the project would be completed in a phase-wise manner and the first phase is expected to be completed in 30 months. Each unit’s size would be 2,500 sq ft and its multiples.

On the third project, Marvel Isola, Mr Jhavar said it would be a project comprising eight buildings of 22 storeys each on 15 acres.