Adani Group to jointly develop 150-acre Township in Gurgaon with US-based Brahma Management

Adani Group to jointly develop 150-acre Township in Gurgaon with US-based Brahma Management

As per a news report by the Economic Times (ET), the Adani Realty, a subsidiary of Adani Enterprises, has signed a joint-development agreement with the US-based, India-focused asset management group Brahma Management to jointly develop a 150-acre township in Gurgaon.

 

Adani Group has been aiming to expand its footprint in the real estate space by entering into joint-development deals with landowners or by acquiring land parcels in target markets. The company recently also adopted a strategy to acquire land from distressed developers, who needed cash to pay-off their growing debts.

 

Brahma Management, with over US $500 million of assets under management, has been in the Indian market for some time. It acquired a land parcel in Gurgaon Sector 62 and 63 in 2010 for INR 650 crore at INR 3-4 crore per acre. Brahma Management wanted to develop an integrated township called Brahma City on the land, with educational, leisure, recreational, commercial and retail facilities. The land has total development potential of 5 million square feet, and the cost of development is estimated to be US$ 200 million.