New Delhi:IFCI Infrastructure Development Ltd (IIDL), development finance firm IFCI Ltd’s wholly owned subsidiary, has a land bank capability of 3.5 million sq. ft and aims to enhance it, a senior company executive said on Tuesday.
IIDL aims to stand apart from other real estate developers by “providing institutional play”, Atul Kumar Rai, chairman of the company and also chief executive and managing director of IFCI, said. He was speaking at a press conference to mark a deal between IIDL and Singapore company Fraser Hospitality Pte Ltd.
IIDL is developing a 90-unit service apartment complex in New Delhi scheduled to be ready by end-March, which would be managed by Fraser. The deal between the companies is for a 10-year period, IIDL’s CEO Shivendra Tomar said.