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Foreign realty majors eye tier-II, III cities


Foreign realty majors eye tier-II, III cities

Last updated: May 18 2007
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  • Foreign realty majors eye tier-II, III cities

    Is the real estate scene in the bigger metros drying up? So think the foreign developers, who are increasingly launching projects in tier-II and tier-III cities, in a bid to tap in on "virgin territory so as to rake in profits."

    Dubai-based realty major Emaar Group, which has formed a 50:50 joint venture (JV) with Delhi-based MGF to implement projects worth $4 billion in the country, is developing projects in Hyderabad, Chandigarh, Mohali, Ludhiana and Jalandhar.

    The recently launched Silver Springs’ residential township in Indore is Madhya Pradesh’s first FDI. The $180-million project is being jointly promoted by Fire Capital Fund Pvt Ltd, based in Mauritius and the M Jhaveri Group.

    Prozone Enterprises—a subsidiary of the retailer Provogue India—has acquired majority stakes in special purpose vehicles (SPVs), floated by Hagwood Commercial Developers and Omni Infrastructure to develop malls in Indore and Nagpur, respectively. Singapore-based Jurong International is coming up with a mega township in Amritsar. The project will spread over 80 hectares.

    An hour’s drive from Kochi, is a state-of-the-art, 4,000-seat convention centre at Thrissur, developed by the UAE-based Rs 3,200-crore EMKE group. Said to be the second largest in India, the Lulu International Convention Centre is a part of a chain of Lulu hypermarkets, supermarkets and departmental stores in the Gulf.

    The Ansals-Deyaar partnership is also reportedly looking at developing townships in Uttar Pradesh. As per reports, the Jerusalem Economic Corporation (JEC) is planning to buy land worth $330 million in Thane.
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