Suzanne

Israeli companies to invest in Indian real estate

Two Israeli companies have joined hands to invest USD 100 million in the booming real estate sector of India.

Israel's Property and Building Corp, a subsidiary of the country's largest holding company IDB Development Corp, and Electra Ltd have announced that they agreed on a joint venture in which both of them will hold 45 percent stakes.

The joint venture includes an unnamed Indian partner which will hold a ten percent stake.

The companies are currently examining investments in southeast India, including a 42.9 acre site for construction of 260,000 square metres, and a 9.9 acre site for construction of 1,200 housing units.

- The Hindu

Raj

Global financial services firm JP Morgan has invested Rs 2.74 billion (US$61.4 million) via its real estate investment arm in a realty project being developed by city-based Lodha Builders.

The project, Lodha Bellissimo, is a premium residential development project at Apollo Mills.

Lodha Builders bought eight acres of mill land from National Textile Corporation (NTC) for Rs 1.8 billion in June 2005.

Maintaining that India offers some of the best risk- adjusted returns in Asia, JP Morgan's Vice President, Tyler E Goodwin said this firm was looking forward to a long partnership with Lodha Builders.

- Asia Today