GM Infra Ventures, a three way SPV of Manjeera Constructions and the Gowra Group and Milestone Capital, is planning to develop a commercial real estate project -The Platina - at Gachibowli in Andhra Pradesh.

The Rs 150-crore project is to be spread over four acre. It is likely to comprise of 4,00,000 sq ft of commercial office space targeted at small and medium IT enterprises, with business space ranging from 1,440 sq ft to 40,000 sq ft.

The proposed project is expected to have an equity component of Rs 50 crore and an equal amount through debt from the Bank of Baroda while the remaining is to be met through pre-sale proceeds. Milestone Capital has acquired 26 per cent stake in SPV at an investment of Rs 20 crore.

The SPV has earmarked land for a star hotel on the project premises, which is to be developed by Manjeera Constructions and the Gowra Group.