Panvel’s Magic Pulls NRI investors

The Magic Hills project in Panvel, promoted by Garnet Construction and marketed by the Sternon Group of Dubai has elicited enthusiastic response from NRIs settled in the Gulf ever since bookings opened a month ago.

Panvel is attracting the attention of real estate investors as the Greenfield
airport project gathers steam.

The Sternon group has reported quick bookings
for the villas and row houses which would be part of an integrated
residential and commercial township.

Located on the Mumbai–Pune Expressway, Gulf NRIs are drawn to
the promise of quality construction, strategic location, and
the conveniences the project offers in an unpolluted, congestion-free
environment.

A Rs.1200 crore project, Magic Hills will be financed
to the extent of USD 60 million through Foreign Currency Convertible
Bonds (FCCBs), and USD 3-4 million by the Sternon Group.

Around 3,500
to 5000 residential units are being planned, and the 1st phase
would be completed by 2008.

Moving on from the Gulf, Garnet and Sternon will move to the
UK, the US and rest of West Asia to promote the mega project
to NRI investments.

Photo: Financial district from Liberty Island by MemeGod27, licensed under CC BY 4.0, via Wikimedia Commons.