Jerusalem: With India being dubbed as the ‘next big destination´ in real estate here, 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, business daily ‘Globes´ reported.
Fishman Holdings’ Indian real estate development subsidiary, Mondon Investments Ltd, has signed an 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 entire cost, including the land, is estimated to be about $1 billion.
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.
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.