FDI-funded realty firm Experion Developers has tied up with Milestone Ventures to develop a commercial project in Gurgaon at a cost of about Rs 175 crore, said the media reports.
The project, spread over about 4 acres land, would have a built-up area of about 4.3 lakh sq ft.
With this tie up, Gurgaon-based Experion would foray into commercial segment. It is already developing two housing projects and one township in Gurgaon.
"We have entered into an agreement with Milestone Ventures to develop a commercial project in Gurgaon," Experion Developers Chairman Hemant Tikoo said as per the PTI report.
The commercial project would be developed as green building, with USGBC's Gold Leed rating. The land parcel is owned by Milestone Ventures.
Asked about the project cost, Tikoo said the investment in construction would be about Rs 175 crore.
The construction of the project has started and the same is expected to be completed in early 2018.
As per the agreement, the joint venture partners would share built-up area of this project.
Commenting on the tie-up, Milestone Ventures Chairman Anubhav Sharma, Chairman, said, "We are delighted to partner with Experion in developing a landmark commercial destination."
Real estate market, which is facing huge slowdown in last 2-3 years, is witnessing many such partnerships to develop housing and commercial projects.
Experion Developers, a 100 per cent FDI subsidiary of Singaopre-based Experion Holdings, has a land bank of more than 400 acres in India.
Experion Holdings Pte Ltd is the real estate investing arm of the USD 2.5 billion AT Holdings group of companies.
At present, Experion is developing two housing projects on Dwarka Expressway, comprising about 1,400 apartments, at a cost of about Rs 2,400 crore. It has also come up with a 100 acres township.
Milestone Ventures is a venture capital firm and has exposure in industries like real estate, restaurants and online/offline IT ventures.