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UK real estate firm to invest in India

UK real estate firm to invest in India
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First Published: Sun, Apr 01 2007. 09 51 AM IST
Updated: Sun, Apr 01 2007. 09 51 AM IST
PTI
London: A UK-based property investor plans to invest 250 million pounds in India’s booming real estate sector in the next five years.
“In the next five years we are planning to invest 250 million pounds in India,” Suchit Punnose, Director Investments of Red Ribbon UK Fund told PTI.
Of the total amount, 50 million pounds would be invested in budget hotel chains all over India, 50 million pounds in developing resorts in Kerala, 50 million pounds in student accommodation and 100 million pounds in commercial properties.
The first budget hotel would be commissioned in Cochin by July this year.
The company has identified land to build a 300-room resort in Kerala and the land acquisition would be completed in the next three months.
In addition, the Red Ribbon UK Fund also has plans to set up a pre-fabrication building construction factory in Kerala “which we hope to use to rapidly expand our footprint in India,” the official said.
Regarding student accommodation, he said they would identify 50 top universities in India and build hostels and dormitories next to the campuses.
One million pounds would be earmarked for each of the 50 sites, he added.
The company’s investment plans further include building of retail parks, keeping in view the requirements of leading bluechip companies in India.
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First Published: Sun, Apr 01 2007. 09 51 AM IST
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