Business   

Pegasus Realty scouts for Indian buyers

Staff Correspondent

To invest Rs. 600-700 cr.in India

CHENNAI: The Dubai-based realty firm Pegasus Realty LLC is in India to promote and market its high-end residential apartments in Kuala Lumpur city centre in Malaysia. The company, which is in the process of constructing residential towers in Malaysia, is scouting for prospective buyers in India.

Addressing a press conference here on Wednesday, the Chairman of Pegasus Realty LLC, Imtiaz Panjwani, said the Government of Malaysia had been welcoming investments from other countries. This was thus an opportunity for Indian investors to buy a property in that country. He said these properties produced 10 to 12 per cent of returns. The prices ranged from Rs. 7,700 per sq. ft. to over Rs. 10,000 per sq. ft. The apartments would have a guaranteed rental return of 10 per cent.

Mr. Panjwani said his company was looking at South India in big way , mainly cities such as Chennai, Bangalore and Hyderabad. It was looking at building residential, commercial and shopping malls in these cities. It was also looking at entering into tier-2 cities. The company was planning to invest about Rs. 600 to 700 crore in India to create satellite townships in joint venture with local companies.The company was scouting for land in and around these cities for developing townships. The whole process of construction of these townships would begin by the end of this year.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

AV Birla Group to buy Canadian BPO firm
PM urged not to introduce data exclusivity
Pegasus Realty scouts for Indian buyers
Deceased depositors: model procedure for claims settlement
Online guide to business procedures
Special trading session on bourses

Copyright © 2006, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu