Sistema, Shyam Group JV in realty

Sistema, a Russian company has plans to develop Rs. 800 crore, mixed-use real estate project in Gurgaon to meet the demand for residential space.

Sistema is $16 billion company, Russia's largest private sector consumer services company which will come up with this project spread over an area of 27-acre.

The project will be in partnership with the Shyam Group which will provide land for the project. Sistema has also identified land on the outskirts of Mumbai for developing a real estate project.

The Gurgaon project may take-off by end 2008 or beginning of 2009 according to media reports.