|September 4 2007, 10:49 AM||#1|
Plaza Centers to Invest 50 Billion Rupees in India
Plaza Centers NV, has planned to invest 50 billion rupees to build entertainment and commercial centers in India.
The company has planned to develop 50 properties in five to seven years. It will construct malls in cities like Bangalore, Pune.
Plaza is investing in India's real-estate market as economic growth puts more money in the hands of Indians, fuelling demand for shopping malls and entertainment centers. Forecasts have been made that the country's real-estate development market is to increase to $90 billion by 2015.
Early this year, Plaza bought 50 percent stake in a company building malls at Pune, near Mumbai, for an unspecified amount. The 14-acre site will also be developed into offices and apartments, costing $175 million. It has also bought a similar stake in a six-acre plot near Pune and proposes to spend $90 million in it.
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