Zoom Developers Tie up with Global Realty Firm

Hyderabad, India (PressExposure) April 17, 2008 -- Mumbai-based Rs 830 crore real estate developer Zoom Developers has signed a memorandum of understanding with Yoo Holdings, a $10 billion global property development company, to form a special purpose vehicle to execute medium and large-scale real estate projects on a national as well as international level.

Yoo Holdings is a design-focused property development firm founded by international design guru Philippe Starck and property developer John Hitchcox based out of Canada, USA and Israel.

The tie-up for the first time marks the entry of French designer Philippe Patrick Starck into India. Considered to be the most celebrated designer in the world, the creative genius of Philippe Starck has earned him a bonafide rock star status. John Hitchcox, on the other hand, is credited with establishing New York-style loft-living in London.

As per the tie-up, Yoo will hold 25 per cent equity participation in each project that the joint venture company executes, with the remaining 75 per cent being held by Zoom. While the investment for the special purpose vehicle is being worked out, its probable name would be Zoom Yoo India Pvt. Ltd.

“The tie-up will bring in state-of-the-art development in real estate with special emphasis on designing, marketing and branding. While Yoo will take care of the designing and marketing of a project, Zoom will develop it,” said Rumneek Bawa, CEO and president, Zoom Developers.

The special purpose vehicle is looking at developing hi-tech townships in and around Lucknow as well as developing Habitat Centers across the country. Zoom holds a substantial amount of real estate in Mumbai, Bangalore, Indore and Kolkata.

However, with Zoom developing projects in The Phillippines and China, the services of Yoo will also be used in developing them, said Rameet Trehan, Head, Business, Development, Zoom Developers. “The deal is reciprocal. Since Yoo is big in Europe and North America, there will be some projects where we might play the role of a developer, marking our entry into the global real estate arena,” he said.

For Latest Real Estate News: http://www.maaproperties.com/Pages/ModuleContent.aspx?Module=News

At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.

We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)

About maaproperties

Maa properties provides property related transactions of Hyderabad Real Estate like buy, sell, rent, lease for Hyderabad plots, flats and provides tenants, maintenance for nris under three services property deals, property analysis and property care.

For More Information about Real Estate Hyderabad, India visit: http://www.maaproperties.com/

Press Release Source: http://PressExposure.com/PR/maaproperties.html

Press Release Submitted On: March 27, 2008 at 4:31 am
This article has been viewed 19316 time(s).