Home » realestate » American Dollaars, European Euros And Indian Rupaih Realty Group Investments
American Dollaars, European Euros And Indian Rupaih Realty Group Investments
Filed under: Real Estate
By: Property Vertical
Not Only Rupees. It's Also Raining Euros And Dollars For The Indian Real Estate Sector!
Sir Tom Hunter, a Scottish entrepreneur has teamed up with Icelandic investor Baugur and Britain's HBOS to finance a $100-million fund, set up by pan-European property group Catalyst Capital for investing in Indian real estate.
According to the group's spokesperson, Hunter and Baugur Chief - John Asgeir Johannesson and Catalyst's Julian Newiss travelled to India last week to conclude the deal, a fund that will include $40-million in equity, with the rest being debt. And, the investment is to be deployed in hotel development, house-building and land acquisition, initially around Mumbai and then, other Indian cities. While, seeing significant investment opportunities in the growing Indian economy, it will not compete for larger deals, preferring to remain instead, just simply a niche player.
The fund, the spokesperson confirms, is a part of Hunter's strategy to diversify investment interests outside the UK, already having through the West Coast Capital investment deal backed by HBOS, concluded recent deals in continental Europe, China and America.
American Money, Dollar Rain!
That even as, American International Group (AIG) makes its first move into one of the most buzzing sectors in India, the real estate segment. The global financial sector powerhouse, along with Bangalore-based realty developer RMZ Corporation, bought an 11-acre plot in Chennai for nearly Rs. 300-crore, which was a part of Hindustan Tele-printers 46-acre plot in the Guindy location of this south Indian city.
The AIG-RMZ buyout places a Rs. 27.1-crore value per acre, a new record for the southern metropolis, which could well be the largest real estate deal for the city, so far. Sunil Mehta, AIG's top executive in India says AIG is planning to enter the country's real estate sector in a major way, and would not take the venture fund route, nor would it be willing to just simply finance real estate developers. In India, as in other countries across the globe, AIG will only involve in mega projects.
Rupaih, Rupaih, Paisa Vasool!
That, even as, India's own Tata Housing Development Company (THDC) has bought out 22-acres of land in Kansal, Chandigarh's peripheral village, behind the Punjab %26 Haryana High Court for Rs. 106-crore from the Punjab MLAs Housing Society. The 139-MLA society members have been promised Rs. 82.5-lakhs in cash and a four bedroom apartment worth approximately Rs. 96-lakhs by the Tata group. The investment per kanal per MLA was a scant Rs. 16-lakhs, when the land was bought almost 10-years ago.
While, the MLAs have allegedly already received Rs. 15-lakhs as token money, the rest is to be paid in instalments. However, a Tata rider in the Memorandum of Understanding prevents the MLAs from selling the flats to a third party, and if need be, the only available option would be to sell it back to the Tatas
Acquire information on Real Estate at www.propertyvertical.com
For information on Real Estate Property in Delhi, Gurgaon and surrounding areas Visit
www.propertyvertical.com/delhi
Contact Us