Real Estate News
Foreign Biggies Looking To Invest In India's Reality Sector
India's booming real estate industry, growing at a scorching 30 percent and estimated to touch $60 billion by 2010, has caught the fancy of global realtors and investors who have pumped in or are looking to invest heavily in the sector.Indian real estate industry, which is currently pegged at 16 billion dollars, is witnessing increased interest from several international developers, primarily from the Middle-East, South-East Asia and Europe.
During this week itself, Donald Trump Jr of US-based Trump Organisation announced it was scouting for partners to foray into the country's realty market, while Dubai-based DAMAC Properties said it would invest up to 5 billion dollars (about Rs 20,000 crore) to develop properties in India.
Early this week, Merrill Lynch & Co also bought 49 percent equity in seven mid-income housing projects of India's largest real estate developer DLF in Chennai, Bangalore, Kochi and Indore for Rs 1,481 crore. The projects would be developed in about 7-8 years.
Dubai-based Nakheel and Hines of the US had earlier this year tied up with DLF to develop properties in India. DLF has formed a joint venture with Limitless Holding, a part of Dubai World, to develop a Rs 60,000-crore township project in Karnataka. Source: The Economic Times New Delhi << Back