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Monday, May 19, 2008

India builder to invest RM15b in Iskandar

BSEL Infrastructure Realty Ltd, a builder from India, is investing RM15 billion over 12 years in Iskandar Malaysia.

The Mumbai-listed company inked a memorandum of understanding with the Iskandar Regional Development Authority (IRDA) for several development projects, IRDA said in a statement yesterday.

It is IRDA's first collaboration with a company from India.

BSEL has developed and built hotels, hospitality projects, industrial parks, information technology parks and townships in both India and the United Arab Emirates.

"In Iskandar Malaysia we have found a new territory to display our development prowess, and we promise to deliver quality in our work," BSEL managing director Dharmendra Raichura said.

He added that the anticipated development plan, involving 70 million sq ft, will be completed in three phases.

The RM15 billion investment comprises RM2 billion in the first phase, followed by RM4 billion and RM9 billion in the last two phases.

In India, some of BSEL's best-known completed projects include the BSEL Tech Park Hilton Centre, Indian Institute of Technology and Kharghar Phase-1.

Its ongoing projects include the Rajiv Gandhi IT Habitat, six shopping malls in Nagpur, and a hotel and commercial development in Pune.

By New Straits Times

1 comment:

Anonymous said...

Ramesh Naik from Naik Navare Association, a property brokerage firm, explains that oversupply of property, especially in the residential segment is adding to this trend. "Most of the construction projects are in their initial phases. Hence, the property developers are in a hurry to sell their projects. The projects are priced comfortably. And the developers are luring home seekers with gifts and rebates. Some property developers are offering reduced Equated Monthly Installments (EMIs) and some are wavering parking fees for housing units," says Naik. He adds that many transactions are happening the actually figures are difficult to compute.

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