Gera Developments forays into US realty market with two residential projects; to invest Rs 1,150 cr
The company's wholly-owned US subsidiary Outdo Inc has invested in SPVs that are developing these projects. Outdo owns a 50 percent stake in each project.
Pune-based Gera Developments has expanded its footprint internationally with the completion of construction of two mixed-use condominium projects in San Francisco, California and plans to invest Rs 1,150 crore.
Gera Developments, through its wholly-owned US subsidiary Outdo Inc, has invested in project SPVs that are developing these projects. Outdo Inc owns a 50 percent stake in each project. Both projects are located in the South of Market district in the immediate proximity of many technology companies including the headquarters for public companies Twitter Inc, Dolby Laboratories Inc and Square Inc.
The first project is called 1288 Howard. Situated on Howard Street in San Francisco the project has 129 residential units comprising studios, one- and two-bedroom flats, artist-style lofts and townhouses. The project also offers expansive street-level commercial and restaurant spaces spread over an area of 13,000 square feet.
The second project, Le Centre is located at 42 Otis Street, San Francisco and consists of 24 residential studios along with commercial space spanning over 3500 square feet.
“It is a matter of great pride for us to be amongst the very few Indian real estate developers expanding internationally especially by establishing a presence in California. We are proud to announce the completion and launch of sales of our two very prestigious projects during our 50th year celebrations,” said Rohit Gera, Managing Director, Gera Developments.
Nikhil Gera, President, Outdo Inc said, “The total top line for these projects is approximately Rs 1,150 crore, we anticipate achieving an average sales price of $1350 per square foot or Rs 1 lakh per square foot and above. The experience of developing these two projects in San Francisco, with high-end specifications and finishes will certainly enhance our ability to refine our upcoming projects in India as the market evolves.”
Nikhil resides in the San Francisco Bay Area and further stated that Outdo Inc has already commenced work on two other properties in San Francisco Bay Area that are in the design and approvals phase.
It’s noteworthy that construction for both projects commenced shortly before the pandemic and continued throughout the pandemic because residential construction was treated as an essential service by the city of San Francisco.