Real estate firm Sobha Developers has sold a 40 percent stake in a Bangalore project to Dubai investment firm Pan Atlantic for 433 million rupees ($10 million, €6.3 million).
The development is a planned 1.7-million square foot residential township in south Bangalore. The company reportedly values the property at 1 billion rupees, and expects a realization on the development of 6 billion rupees. Construction on the project is expected to begin in the next few months.
In addition to the Bangalore development, the company also has a joint venture with QVC Realty and Chintels to build integrated townships in Kochi on 400 acres, in Thrissur on 55 acres and in Gurgaon, Haryana, on 192 acres.