mumbainew delhi real estate investment and development firm south asian real estate has closed a deal for buying a 100acre piece of land in navi mumbai from mumbaibased developer silver oaksare and silver oak have set up a joint venture company in which sare will have a majority stake the joint venture will develop an integrated township on the 100 acres which will include midincome residential development mainly lowrise the cost of the land parcel in panvel is between rs 150200 crore said a source close to the development who did not wish to be namedthe total cost of the project will be 350 million rs 1575 crore including construction expenditure and land acquisition it will be financed through combination of customer advances equity and debt said the source sare will infuse rs 75 crore as equity contribution consulting firm ernst young is running the transactionthe joint venture company is expected to start work on the township in threesix months and is expected to take 57 years to finish the project many real estate developers are showing interest in projects around navi mumbai in the backdrop of several infrastructure initiatives being undertaken or announced by the government including an international airport heresince 2006 sare has raised rs 2000 crore and currently has around 40 million sq ft of property under construction through 8 projects across india the navi mumbai integrated township will be the companys second largest project in the country after its 112acre township project at old mahabalipuram road in chennaithe company is looking at investing in a project spread over rs 5075 acres every quarter hereon said another source