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Citi Being Bullish on Indian Realty Space
| December 10, 2006 |  (Be the first to rate this story!) Loading ... |
Improved transparency of Indian real estate has caught the eyes of the world’s largest financial services group, Citi, which has sewed up property deals of around $400 million in the past few weeks. This prestigious group is also looking forward to enter into a joint venture with HDFC and US based Portman Holdings.
Citigroup enjoys the status of being the single largest foreign direct investor in India’s financial services industry. It is all set to pump in over $1 billion in booming real estate sector of India.
Citigroup is all set to enter in the red hot property market through Citigroup Property Investors (CPI) India; a Mauritus based company financed by a fund in Cayman Islands. CPI India was recently in the news to have raised $500 million through an India-dedicated fund. The conglomerate is likely to raise more money to invest in realty.
Citigroup is more inclined towards funding FDI Compliant projects in fast flourishing cities like Delhi, Mumbai, Bangalore, and Pune. It has finalized 4 deals over the last couple of weeks, and put in over $150 million, with the total commitment running into $400-500 million.
The group has also joined hands with a Delhi based real estate company to develop an IT park in the upcoming city of Noida. It is likely to invest around Rs. 80 crore in the 50/50 joint venture, as learnt from sources.
The group wants to carve out a competent niche in the growing hospitality sector and will develop 5-6 hotel projects with two being finalized in Bangalore and Chennai with the help of a Chennai based company.
Citigroup has also been eyeing on commercial, residential, and special economic zone (SEZ) projects in India. This financial group was earlier entertaining plans to hit India’s real estate sector through the foreign venture capital fund route and tried to seek out the permission of Reserve Bank of India (RBI) concerning the same. However, RBI has not allowed any foreign VC funds in real estate so far.
News Published Under: Real Estate India, Foreign Direct Investment in India, Special Economic Zones |
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