Magic Hills Residences to finally get under way

Dubai: Sternon Real Estate and Garnet Construction yesterday said that construction on Magic Hills Residences, their upscale township for non-resident Indians (NRI) in Navi Mumbai, will begin in October, with the first phase to be ready in 18 months.

The news comes as a relief to hundreds of investors in the UAE and Gulf Cooperation Council countries who have invested in the project. The project suffered an unexpected delay.

Hussaini F. Nalwalla, managing director of Sternon Group, said the slight delay in the project implementation caused by a 'contouring error' would actually work in favour of NRI investors, as bungalows in Phase 2 would be priced at least 60 per cent higher, because of rising construction costs.

The project has attracted global interest, and Phase 1 has been fully sold out.

"The main benefit for NRIs who booked in the first phase of Magic Hills is that they will enjoy a huge price advantage, as the rate has already appreciated three-fold," said Nalwalla.

The first phase of Magic Hills is being constructed on 75 acres of land, as part of the developer's strategy to execute the massive project in phases. The total land area acquired for the project by Garnet Construction is 400 acres. When completed, the entire Magic Hills project will have residential, commercial and educational components.

Arun Kedia, managing director of Garnet Construction, Mumbai, said the delay would be offset by fast-track construction using modern machinery, and the first phase would be completed by December 2009.

"By March 2009, about 40 per cent of the work on Phase 1 would be completed. Investors will at that time be able to register their units.

"We are also talking to three major banks for mortgage finance and expect to sign up with them as soon as we get approval for the revised building plan, expected by September."