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Old Posted Apr 18, 2007, 7:45 AM
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Join Date: May 2004
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‘Manhattans’ near Mumbai & Delhi
Quote:
Thursday, 04.12.2007, 03:48am (GMT-7)

NEW DELHI: Private money amounting to $47 billion or Rs 203,000 crore is being invested over the next couple of years to create four ultra modern cities in India from ground up. According to DLF, the cities near Mumbai and Gurgaon will be three times as large as New York’s Manhattan Island. The other two cities will be near Bangalore and Hyderabad.

To showcase the India potential in real estate, KR Capital Management LLC (USA) and its company owned subsidiary ‘KR RealTech Consultants Pvt. Ltd. (India) have organized ‘Horizon - India Real Estate Expo 2007’, in USA from April 14 to 22.

Horizon 2007 is the platform where one can meet clients who are searching for premium residential and commercial properties in India, and prospective foreign institutional investors who are on the look out for investment opportunities in real estate in India. As one of the most diverse India Real Estate Expos ever, Horizon presents premier projects from the most prominent real estate developers from all major Indian cities such as: Delhi & NCR, Chennai, Kolkata, Mumbai, Cochin, Jaipur, Bangalore, Hyderabad, Chandigarh, Goa, Lucknow and Pune.

Earlier this year, Macquarie Bank, Australia’s largest securities firm, had announced that it will invest $25 billion along with three partners to create an ultramodern integrated township on 65,000 acres in Andhra Pradesh, just 170km off Bangalore. Also, Tishman Speyer Properties LP, which owns New York’s famous Rockefeller Centre and Frankfurt’s MesseTurm, said it, along with ICICI Bank and Nagarjuna Construction Co, will build a $2 billion residential and commercial township for 30,000 people, spread over 400 acres near Hyderabad.

The latest announcement has come in from Al Nakheel LLC, an international property development firm owned by the Dubai government, which said it will, along with DLF Ltd, build two ‘Manhattans’ near Mumbai and Gurgaon, spread over 20,000 acres each. Each city will cost about $10 billion or Rs43,300 crore to construct, with the first phase, expected to be completed by 2010, seeing the partners investing $5 billion apiece.

All the four cities will be world-class and self-contained, with wide, international-quality roads, telecom networks, educational institutions, industrial clusters, hospitals and amusement parks. Dubai based retail group Landmark, known for its chains like lifestyle and Home Centre will be pumping in $500 million in India over the next three years to expand its retail presence. A report said that the group now plans to enter the hospitality business.

The top management of the Dubai-based landmark group is in India to finalize its expansion strategy. The group currently has 1 million square feet of retail space in India with stores like Lifestyle, Max and Home center, and aims to have four million square feet by 2010. Foreign funds are moving into real estate because the 9-10 per cent economic growth foreseen will explode demand for homes, commercial space. House prices in Mumbai, Delhi, and Bangalore have more than tripled since 2004.

India Post News Service
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