Adani Group M2K JV hunts for a creative agency

The joint venture (JV) company of Adani Realty Business (part of the Adani Group) and the Delhi-based M2K Group, has called for a creative pitch for its forthcoming residential projects on its 41-acre plot along the Dwarka-Manesar expressway.

The pitch process is currently underway in Delhi and has seen participation from a select set of agencies (names of which could not be obtained at the time of filing this report). The size of the business is said to be around Rs 15 crore. Sources close to the development in the industry have confirmed the news to afaqs!, on conditions of anonymity. Adani Realty Business and M2K Group entered into a JV in May 2011 to develop residential projects on the 41-acre plot the latter owns in Gurgaon, near Delhi. The JV also marked Adani’s foray into Delhi-NCR.

As per several media reports, the real-estate arm of the edible oil manufacturer, the Adani Group, will develop two projects on separate parcels of land. The projects will cost Rs 1,500 crore, and both developers will share costs and revenues equally. Adani Realty has paid Rs 100 crore to M2K, so far, towards the cost of land, while another 100 crore will be paid in phases.

The land parcels are spread over 18 acres and 23 acres along the Dwarka-Manesar expressway and are estimated to provide three million square feet of saleable space. While half the inventory in the two projects will be targeted at premium home buyers, the rest will be targeted at middle-income consumers. The company expects to launch the projects early in 2012, and complete them within four years.

Source:Percept

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