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Vatika partners with GIC for residential projects

Vatika Group and GIC, Singapore’s sovereign wealth fund, through its affiliate, have entered into a joint venture to develop two residential projects on Dwarka Expressway, Gurgaon. The projects will be developed by Vatika and are expected to be completed by financial year 2018-19.

Sovereign ParkAccording to a press release, the projects, with a development potential of over 2.3 million square feet, are expected to generate revenues in excess of Rs. 2,000 crore.

The projects are located within five kilometers of Vatika Express City and Vatika India Next, integrated townships where Vatika is already providing extensive social infrastructure including schools, hospitals, retail, parks and recreational spaces.

According to Gautam Bhalla, MD, Vatika Group, “The Group is happy to partner with GIC, a leading global investment organisation with a strong vision and values that are in line with Vatika’s. We see this as a good start to a rewarding long-term partnership.”Loh Wai Keong, Co-Head Asia, GIC Real Estate, said, “GIC is confident of India’s growth potential over the long term. Vatika Group is one of the leading developers in Gurgaon and we are pleased to establish this partnership.”