Marvel Realtors launches luxury commercial project in Pune

Pune-based real estate developer, Marvel Realtors, has launched a 1.1 million square feet luxury commercial space project, Marvel Edge at Viman Nagar in Pune. The company has tied up with Och-Ziff, US-based Nasdaq-listed hedge funds, and has also invested Rs 760 crore in the project. According to Vishwajeet Jhavar, managing director and CEO of Marvel Realtors, the project is coming up on a sprawling 14 acre green campus with a total of 1.1 million sq ft built up area of which 0.9 million is dedicated for business space. “The total sales revenue of Marvel Edge is Rs 1,200 crore. Och-Ziff has invested over Rs 140 crore and owns 75 per cent of the project,” says Vinod Makhija, director of Marvel Realtors. He said the project will be completed within 20 months. “We have already sold one-third of the project at Rs 7,500 per sq ft,” said Makhija. According to him, HDFC PMS had already purchased 1,00,000 sq ft area in the project. He said the nine-storeyed project has state-of-the-art infrastructure while the design is environmentally sustainable. Marvel Edge's unique curvilinear façade will provide a distinctive signature to Pune's skyline. “Its façade with perforated envelopes will reduce heat exposure and minimise power consumption,” said Makhija. “This will be the first of a kind project, designed with an international taste and style in Pune, offering innovative design, technology, luxury and quality execution,” said Jhavar. According to him, the commercial and office spaces ranging between 1,500 sq ft and 1,800 sq ft have been sold out. At present, only areas measuring 2,300 sq ft up to 50,000 sq ft are available for sale. source: http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=17851&cat_id=1