The New York based private equity fund, AIG Global Real Estate, which has recently acquired RMZ Corp's 50% stake in a stalled joint venture mall project in Hyderabad, has decided to build an apartment project on the 11 acre space involving an investment of Rs. 1,000cr. RMZ has exited its Rs. 53cr investment in the mall-cum-office project and the new project will be launched after securing mandatory approvals very shortly, Managing Director, AIG Global, Bamasish Paul, said, adding that the dispute was settled amicably and closes the chapter of wrangling between the partners over whether the project should be residential or for mixed-use. Available reports suggested that the residential sector in Hyderabad has bounced back after the slowdown and price correction of 2008 as the total absorption in the Hyderabad property market went up 14% to 4.06 million sq ft in the third quarter of current fiscal.
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