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« Growth in Real Estate Reflects the Growth in Indian Economy: Kamal Nath | Home | Commerce and Industry Minister Favours Tax Relief »

Fishman Holdings to Invest $1 bn in Ludhiana

India seems to be the hot investment target for every country. The flourishing Indian real estate sector is attracting a lot of investment from overseas. According to media reports, Israeli real estate firm Fishman Holdings is planning to invest $1 billion in Ludhiana.

The latest investment plan in India comes close on the heels of another project it embarked upon last month in Jaipur to build a township at the cost of $2 billion.

As per reports Fishman Holdings’ Indian real estate development subsidiary, Mondon Investments Ltd, has signed a Memorandum of Understanding (MoU) to buy a 300 acre plot in Ludhiana for $84 million.

Mondon is planning a 2.3 million square metre residential and commercial project on the site, assuming that the entire lot is purchased. The overall cost estimated at around $1 billion (which includes land as well).

The land was purchased for $280,000 per acre with Mondon reaching an agreement with the seller that if the size of the plot falls below 300 acres, provided that it is no less than 100 acres, the price will be reduced to $238,000 per acre, it added.

This is not Fisherman Holdings first development project in India. The firm is already involved in a number of development projects in India, including residential and commercial projects in New Delhi, Thane, Hyderabad, and another project in Ludhiana.

News Published Under:   Real Estate India | No Comments »

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