"Vatika Group and GIC through its affiliate have entered into a joint venture to develop two residential projects on Dwarka Expressway, Gurgaon," GIC said in a statement.

The projects, with development potential at over 2.3 million sq ft, would be developed by Vatika. "They (projects) are expected to be completed by financial year 2018-19 and are expected to generate revenues in excess of Rs 2,000 crore," GIC said.

GIC did not disclose the investment it would make in these two projects. The projects are near the two townships being developed by the Vatika Group -- Vatika Express City (120 hectares) and Vatika India Next (250 hectares)-- where the company is already providing extensive social infrastructure including schools, hospitals, retail malls, parks and recreational spaces.
"GIC is confident of India's growth potential over the long-term. Vatika Group is one of the leading developers in Gurgaon and we are pleased to establish this partnership," said Loh Wai Keong, Co-Head Asia, GIC Real Estate.

Commenting on the JV, Vatika Group MD Gautam Bhalla said "The Group is happy to partner with GIC, a leading global investment organisation with a strong vision and values that are in line with Vatika's. We see this as a good start to a rewarding long-term partnership."

GIC is a leading global investment firm with well over USD 100 billion in assets under management. Established in 1981, the firm manages Singapore's foreign reserves and is uniquely positioned for longterm and flexible investments across a wide range of asset classes, including real estate, private equity, equities and fixed income.
GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Incorporated in 1986, Vatika Group is a leading real estate developer in the National Capital Region (NCR, India). In 28 years, the Group has an impressive portfolio of projects – in the areas of residential, commercial, townships, hotels, education, business centres and facilities management.

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