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« US hotel group to enter luxury real estate | Home | Sahara Prime launches project in Coimbatore »

Portman to develop Tier-2 projects to survive realty slowdown

Real estate developer Portman Holdings is looking to develop projects in Tier-2 cities to survive the slowdown in the Indian real estate. Rahul Anand, India director at Portman Holdings said, “We are looking at Pune, Ahmedabad, Chennai and Bangalore… but we are not keen on Tier-3 cities right now. We are looking at a couple of deals in all these cities with mid-tier developers for a project-based investment.” The company would focus on hospitality projects and “some residential development,” he added.

With the recent slowdown in global markets, many firms have either delayed or slashed their IT budgets, which has impacted the growth plans of many back office outsourcing firms including TCS, Infosys and HCL Technologies. “The only thing we will stay away from is IT and IT-enabled development projects like IT parks,” Anand said.

It will invest in projects with assured returns of at least 25%. “If it is not a stellar location… at current market condition, we look at returns of over 30% post-tax and if it is a good location we are happy to do it at 25%… but nothing below that,” Anand added.

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