Lemon Tree Hotels which is a New Delhi based hospitality firm is entering into the real estate industry. It has teamed up with US-based investment firm Warburg Pincus for this purpose. The joint venture between these two groups will launch housing projects in the country with an investment of over Rs 1,400 crore. The 51http://www.blogger.com/img/blank.gif:49 joint venture formed between Lemon Tree Hotels and Warburg Pincus has led to the creation of a new real estate entity named Oceanus Real Estate Pvt Ltd which will focus on housing projects. Apart from diversifying into housing projects Lemmon Tree Hotels will also seek expansion of its core business within the country and will also explore markets in neighbouring countries like Nepal and Sri Lanka.
Mr. Patu Keswani the CMD of Lemon Tree Hotels said that this joint venture will work towards developing three to four housing projects in Gurgaon which will fall in the affordable housing category. He said that the planned investment of Rs 1,400 crore will be completed by 2015 and both the partners will pitch in Rs 700 crore each. According to Mr. Keswani said the residential apartments would be priced between Rs 20 lakh to Rs 1 crore per unit and will be sold under the ‘Lemon Tree’ brand.
Mr. Patu Keswani the CMD of Lemon Tree Hotels said that this joint venture will work towards developing three to four housing projects in Gurgaon which will fall in the affordable housing category. He said that the planned investment of Rs 1,400 crore will be completed by 2015 and both the partners will pitch in Rs 700 crore each. According to Mr. Keswani said the residential apartments would be priced between Rs 20 lakh to Rs 1 crore per unit and will be sold under the ‘Lemon Tree’ brand.
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