Connect with us










News

Gera Developments enters USA realty market with premium residential projects

Howard-Street-Project

Pune, February 9, 2022:  Gera Developments has expanded its footprint internationally with the completion of construction of two mixed-use condominium projects in San Francisco, California and the launch of sales.

Gera Developments through its wholly owned U.S.A. subsidiary, Outdo Inc. has invested in project SPVs that are developing these projects. Outdo Inc owns a 50% stake in each project. Both projects are located in the South of Market district in the immediate proximity of many technology companies including the headquarters for public companies Twitter Inc., Dolby Laboratories, Inc. and Square Inc. The first project is called 1288 Howard. Situated on Howard Street in San Francisco the project has 129 residential units comprising of studios, one- and two-bedroom flats, artist-style lofts and townhouses. The project also offers expansive street-level commercial and restaurant spaces spread over an area of 13,000 square feet. The second project, Le Centre is located at 42 Otis Street, San Francisco consists of 24 residential studios along with commercial space spanning over 3500 square feet.

Rohit Gera

Rohit Gera, Managing Director, Gera Developments said, “It is a matter of great pride for us to be amongst the very few Indian real estate developers expanding internationally especially by establishing a presence in California.  We are proud to announce the completion and launch of sales of our two very prestigious projects during our 50th year celebrations. This truly demonstrates our brand philosophy to constantly “Outdo” ourselves for our customers. We have learned a lot from the experience of developing projects in the most advanced market in the world.  We are confident that 1288 Howard Street and Le Centre will become landmarks in their micro-markets.”

Nikhil Gera

Nikhil Gera, President, Outdo Inc.  said, “Our strong reputation and legacy, financial credibility and consistent sales growth coupled a high degree of customer centricity enabled us to look beyond India, our home turf. We have already started getting very positive customer feedback and response for these 2 projects and are confident of selling out these two projects per our targeted timelines. The total top line for these projects is approximately USD 150 million or Rs 1150 Crores, we anticipate achieving an average sales price of $1350 per square foot or Rs 1 lac per square foot and above. Examples of specifications not customary in India include 10-year construction defect warranties, acoustic dampening flooring, US leading California building energy efficiency standards, dual pane windows, EV chargers and car share programs. As we look ahead to 2022, we expect to continue expanding in California – a key growth market for us.”

Construction for both projects commenced shortly before the pandemic and continued throughout the pandemic because residential construction was treated as an essential service by the city of San Francisco. Therefore COVID lock downs did not stop or delay construction work. Also, the regulations for selling condominiums in California do not permit the sale and collection of construction progress payments during construction, like in India. Therefore, sales can only take place after the completion of construction. Consequently, all banks require projects to have 100% final closure prior to the start of construction.

Latest News

News1 day ago

Central Park’s Bignonia Towers in Sohna Achieves Rs 500cr Sales Bookings 

New Delhi, 14th June 2024: Bignonia Towers by Central Park in in Sohna has recorded sales bookings of Rs 500...

News1 day ago

Author Ashwinder R. Singh Launches His Third Book, “Master Commercial Real Estate”

June 14, 2024: Ashwinder R. Singh, acclaimed for his insightful contributions to real estate, launched his third book, “Master Commercial...

News1 day ago

Grade A Office Spaces Demand Growing at a Brisk pace, 164.3 Mn Sq Ft Added Since 2021

June 14, 2024: India’s office market is undergoing a profound transformation, reflecting the country’s robust economic growth, demographic advantages, and...

News1 day ago

Real Estate Sector Needs to Gear Up for New Housing Challenges Until 2029, With Rain Harvesting as a Core Element for Housing Projects: HUA Additional Secretary

New Delhi, June 14, 2024: Additional Secretary of the Ministry of Housing and Urban Affairs, D Thara, on Friday asked...

News2 days ago

Tier-2 Cities Closing the Gap with Top-8 as Property Prices Surge by 10-15% in Prime Areas: Housing.com Report

New Delhi, June 13, 2024: Housing.com has released its inaugural “The Bharat in India” report on Thursday. The report unveils...

News2 days ago

Housing Prices Soar 13% CAGR as Inflation Moderates to 5.4%: ANAROCK Report 

Mumbai, June 13, 2024: Inflation, the gradual increase in the general prices of goods and services, erodes the purchasing power of money...

Trending