Garnet Construction has announced a Rs 1,200-crore residential-cum-commercial township project at Panvel near Mumbai on its own 400 acre land. To woo international buyers, it has tied up with the Dubai-based real estate developer Sternon group. Besides, Garnet has announced a Rs 800-crore residential project in Nasik, for which it will acquire the land soon. It is also planning a JV with Sternon to develop and market properties in Sweden and Mauritius.

To focus on diversification, companies such as HCC and KSL Realty have floated subsidiaries. HCC announced its real estate foray through its 100 per cent subsidiary, HCC Real Estate, which will invest Rs 1,000 crore initially. The firm is developing a 150-million sq ft hill town project at Lavasa, Pune, on 12,500 acres.

From its land bank in Vikhroli in Mumbai, the company is building a 1.7 million sq feet corporate park and two slum-rehabilitation projects on 25 acres of land. It is acquiring land for a 1,000-acre SEZ in Nashik, a 300-acre township in Pune and a 200-acre township in the Mumbai Metropolitan region. The total value of all the projects is pegged at Rs 28,760 crore, the company said.

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