Kakade Group to sell 50% stake in Lonavalaproject to Malpani Group

Pune-based construction and development company Kakade Group has entered into an agreement with Malpani Group to sell 50% stake in its under-construction luxury resort project spread over 65 acre in Lonavala near Mumbai, said two persons with direct knowledge of the development. The project involves 150-key luxury resorts and 40 branded villas to be located along Lake Pawana. Kakade Group has already signed a contract with Indian Hotels Company to manage the luxury resort. This will also be the first project with Taj branded villas. As per the agreement, Kakade and Malpani will jointly develop the 150-room resort over the next 3 years, while the Malpani Group will be responsible for developing all 40 villas over the next 2 years. Malpani will then hand over 20 ready villas to the Kakade Group, and this is part of the consideration agreed upon.