The Hindu : Business : Global investment fund IREO to develop residential projects

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Global investment fund IREO to develop residential projects

To deploy $500 million in the next few years

— PHOTO: KAMAL NARANG

BULLISH ON INDIA: (from left) Steven Wisch, Partner, Anurag Bhargava, Chairman, Lalit Goyal, Vice-Chairman and MD, Louis Klein , Partner, and Mudhukar Tulsi, President, IREO, at a press conference in New Delhi on Thursday.

NEW DELHI: Global investment fund IREO on Thursday said it was developing 13 projects in the country, most of which were going to be residential, with an investment of $1.5 billion.

The fund, which started its operation in India in 2003 with a total corpus of $2 billion, is looking to invest $500 million to acquire more projects. “We have already invested $1.5 billion in these 13 projects and the remaining $500 million will be deployed over the next few years,” IREO Chairman Anurag Bhargava said.

IREO will develop over 3,000 acre, with 250-300 million sq. ft. available for sale. These projects will be located in Ludhiana, Jalandhar, Mohali, Panchkula, Gurgaon, Ghaziabad, Noida, Pune, Goa, Chennai and Coimbatore and will be priced between Rs. 2,200 and Rs. 4,500 a sq. ft.

Mr. Bhargava said the company had started construction and leasing on a 5-million sq. ft. IT SEZ in Pune.

Besides, it had started sale and construction on 3 million sq. ft. of housing in the same city. In the next 12 months, he said, IREO would launch 8 million sq. ft. more of housing space. The company is also evaluating possibilities in education and hospitality projects.

“Though the market has seen ups and downs, we are bullish on the long-term potential of India. Due to some policies that are put in place here, residential demand is coming back,” Mr. Bhargava said. — PTI

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