Singapore's GIC inks JV with Vatika Group to develop two residential projects in Gurgaon.

Singapore's sovereign wealth fund GIC recently announced a joint venture with Indian realty firm Vatika group to develop two housing projects in Gurgaon that would fetch over Rs. 2,000 crore in revenues in four years.

'Vatika Group and GIC through its affiliate have entered into a joint venture to develop two residential projects on Dwarka Expressway, Gurgaon,' GIC said in a statement.

The projects, with development potential at over 2.3 million sq ft, would be developed by Vatika. 'They (projects) are expected to be completed by financial year 2018-19 and are expected to generate revenues in excess of Rs. 2,000 crore,' GIC said.

GIC did not disclose the investment it would make in these two projects.

The projects are near the two townships being developed by the Vatika Group -- Vatika Express City (120 hectares) and Vatika India Next (250 hectares) where the company is already providing extensive social infrastructure including schools, hospitals, retail malls, parks and recreational spaces.


ET