Dubai-based Sternon Real Estate and Mumbai-based Garnet Construction have said that the first phase of their upscale NRI township in Navi Mumbai will be completed in December 2009.

The company said construction on the project, called the Magic Hills Residences, will begin in October 2008.

The first phase 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.

Hussaini F Nalwalla, managing director of Sternon Group, said: ’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 mega-project, among the first of its kind in India, is being marketed exclusively to non-resident Indians, with design elements and facilities tailored to meet the expectations of the NRIs.

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

When completed the entire Magic Hills project will have residential, commercial and educational components. - TradeArabia News service