Dubai-based real estate firm ventures into Mumbai’s booming realty market

Dubai-based real estate firm ventures into Mumbai’s booming realty market
16-Apr-2007


Sternon Group, Dubai-based real estate developers, builders and promoters, has ventured into the booming property market of Mumbai, India with Rs 1,200 Crore master development near the proposed New Mumbai International Airport in Panvel on the Mumbai-Pune Express Highway. Spread across 400 acres, Magic Hill is a residential cum commercial township, of which the 250-acre residential portion offers row-houses and individual and twin bungalows with world-class amenities as well as recreational, retail and educational facilities.

Hussaini F. Nalwalla, Managing Director, Sternon Group, said, “New Mumbai is a red-hot area for real estate investors for two reasons. Firstly, New Mumbai has been hailed as one of the world’s best master-planned cities, and secondly, the green-field New Mumbai International Airport is set to give a major boost to the area”.

Sternon Group has developed and marketed high-end properties in different parts of the world, including the United States, the United Kingdom and the UAE and in particularly Dubai. It is working closely with Garnet Construction to offer homes with large airy rooms, good lighting and amenities that are standard in real estate projects of this kind in other parts of the world. Sternon also anticipates high appreciation in the short-term and high rental values in view of the rising mortgage rates in India. Sternon Group has announced to invest up to $3 to 4 million in the project