GIC and Vatika to develop residential projects in India

Singapore

SINGAPORE'S sovereign wealth fund GIC, through its affiliate, and Indian property developer Vatika Group have established two joint ventures for residential projects on Dwarka Expressway in the northern Indian city of Gurgaon, near New Delhi.

The projects, called Sovereign Park and Seven Elements, will meet the demand for high-quality residential units and will be developed by Vatika. They are expected to be completed by the 2018-19 financial year and generate revenues in excess of 20 billion rupees (S$416 million).