Indian Real Estate: Still Hot For Foreign Investments
Indian Real Estate: J.P. Morgan Invests 97.6Million In Indian Residential Project
Having mobilised over 300million to focus on Indian real estate J.P. Morgan Property Fund is ready to set up a residential project in Chennai at an estimated cost of Rs. 400crore.
Arihant Foundations and Housing a Chennaibased realty developer in a joint venture with J.P. Morgan sanctioned by its Board of Directors will develop residential property spread over 45acres of land.
In a statement to the Bombay Stock Exchange BSE Arihant Foundations informed the joint venture will see a 50:50 equity participation from both partners.
The American firms India property fund is targeting key subcontinental economic centres for the development of real estate projects in partnership with local firms that include Mumbai Bangalore Chennai Kolkata Hyderabad and New Delhi among others.
Last year as well J.P. Morgan Asset Management announced the mobilisation of around 360million from US Asia Europe and the Middle Eastern institutional and high net worth investors HNIs for investing in the booming Indian real estate space.
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Source: IndiaRealEstateblog
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