Friday, August 24, 2007

"Pune can absorb up to $2-3 billion in Foreign Direct Investment annually" Lalit Kumar Jain, president, Promoters and Builders’ Association of Pune

However, according to the president of PBAP, not all 400 members of his organization have the skill sets required to execute such projects, so that only 10 members have been able to attract under $1 billion investment from abroad.

Who are 'attractive' developers?

1.Runwal Housing:
“FDI is our strategy for growth: most of our growth over the next few years will be through FDI. We have ongoing talks with an overseas partner for Rs 200-crore FDI in our first large project, an integrated township at Hadapsar, which we will announce by October,” Sanjay Runwal.
2. City Group:
Future group has invested $45 million (Rs 180 crore) in City Group’s Rs 850 crore Amanora Market City, through its offshore fund Horizon Realty LLC.
3. Paranjape Schemes:
Rs 250 crore invested by the IndiaReit Offshore Fund of the Ajay Piramal group, in which the UK-based 3i is invested.
4. D S Kulkarni:
The Rs 16,000-crore proposed township-cum-SEZ project is spread over 400 acres at Fursungi, on the city’s eastern edge city and a memorandum of understanding for a Rs 1,000 crore joint venture has been signed.
5. Vascon Engineers:
Credit Suisse’s real estate investment arm has invested in a hotel-office-residential block
6. Panchshil Realty:
IREO Fund’s investment in SEZ
7. Gera Developments:
Citigroup Property Investment picking up an equal stake in a high-end housing complex.
FDI norms:the project should have a minimum size of 50,000 sq mt for a commercial project and 25 acres for a residential and a minium investment of $5 million with a three-year lock in.

Related Stories

1. Indian real estate to get $6 bn in FDI

2. Mutual funds wary about realty

3. Investing in India

4. Encroachments at Ramnadi pulled down

5. FDI: Farmers' Direct Investment

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