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TSI India, ICICI Venture Enter into JV for ‘Office Space Project’


TSI India, ICICI Venture Enter into JV for ‘Office Space Project’

Last updated: July 30 2007
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  • TSI India, ICICI Venture Enter into JV for ‘Office Space Project’


    Check out the latest real estate investment made by ICICI....

    Bangalore-based TSI Ventures (India) Private Ltd., a joint venture between U.S. developer Tishman Speyer and ICICI Venture, has come up with its first real estate venture in India, WaveRock.

    “We envisage bringing India the exclusive residential as well as commercial landmarks that we are renowned for across the world. The specimen of our expertise includes Rockefeller Centre, Torre Norte or **** Center. India is fast picking up the pace in global market and may soon lead it. This is what encouraging us to develop properties in India that service, support and do justice to such a bullish economy,” said Tishman Speyer Prsident & CEO Jerry Speyer.

    WaveRock is developed in three phases over an area of 12 acre, the area allotted by the APIIC. There are plans to develop IT SEZ project in Nanakramguda near Gachibowli. It will feature a 2.2 million sq ft class A commercial space including a 100,000 sq ft. space to support services.

    The building is designed on the directives provided by the US green Building Council. The lines were critical to obtain LEED (Leadership in Energy and Environmental Design) accreditation.

    The company is holding talks for the second round of funds to promote the other real estate projects that the joint venture proposed to take up, informs Seniro Managing Director Ms Katherine G Farley.

    TSI Ventures is also considering undertaking the development of residential, commercial and office in major Indian cities including Delhi, Mumbai, Kolkata, Pune, and Chennai. These are basically the destinations where the multi-national companies have established their offices.

    Banks also could not save themselves from being bullish on the real estate prospects.
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