Gera Developments has expanded its footprint internationally with the completion of construction of two mixed-use condominium projects in San Francisco, California and the launch of sales. Gera Developments through its wholly owned U.S.A. subsidiary, Outdo Inc. has invested in project SPVs that are developing these projects. Outdo Inc owns a 50% stake in each project. Both projects are located in the South of Market district in the immediate proximity of many technology companies including the headquarters for public companies Twitter Inc., Dolby Laboratories, Inc. and Square Inc.
The first project is called 1288 Howard. Situated on Howard Street in San Francisco the project has 129 residential units comprising of studios, one- and two-bedroom flats, artist-style lofts and townhouses. The project also offers expansive street-level commercial and restaurant spaces spread over an area of 13,000 square feet. The second project, Le Centre is located at 42 Otis Street, San Francisco consists of 24 residential studios along with commercial space spanning over 3500 square feet.
Mr. Rohit Gera, Managing Director, Gera Developments said, “It is a matter of great pride for us to be amongst the very few Indian real estate developers expanding internationally especially by establishing a presence in California. We are proud to announce the completion and launch of sales of our two very prestigious projects during our 50th year celebrations. We have learned a lot from the experience of developing projects in the most advanced market in the world – whether it is the importance of taking all decisions or achieving full financial closure before commencement of the project. These learnings will all help us improve and outdo in our performance in the Indian market too. We are confident that 1288 Howard Street and Le Centre will become landmarks in their micro-markets.”
Nikhil Gera, President, Outdo Inc. said, “We have already started getting very positive customer feedback and response for these 2 projects and are confident of selling out these two projects per our targeted timelines. The experience of developing these two projects in San Francisco, with high end specifications and finishes will certainly enhance our ability to refine our upcoming projects in India as the market evolves. Examples of specifications not customary in India include 10-year construction defect warranties, acoustic dampening flooring, US leading California building energy efficiency standards, dual pane windows, EV chargers and car share programs.”
It’s noteworthy that construction for both projects commenced shortly before the pandemic and continued throughout the pandemic because residential construction was treated as an essential service by the city of San Francisco. Therefore COVID lock downs did not stop or delay construction work.
The company introduced a 5-Year Warranty on Real Estate consisting of Preventive Maintenance & Repairs and provision of Insurance of buildings way back in 2004 for the first time in India. RERA mandated the same only in 2017. And GDPL has now introduced India’s first & only 7-year warranty in real estate. It has designed and launched the pathbreaking concept, the award-winning ChildCentric® Homes, which has revolutionised the real estate sector for both the developer and the home buyer. Other revolutionary and highly successful product lines have been Intelliplexes™, SkyVillas™, and The Imperium series. In its 50th Year, the company has launched yet another first-of-its-kind industry initiative – Gera’s Home Equity Power by providing financial flexibility to customers to withdraw funds from their prior payments to meet financial emergencies.