US Real Estate Company to Invest Rs 920 crores in India

News Posted - 2010-04-20

US-based integrated and property development company Vision USA Real Estate is planning to invest around $200 million (Rs 920 crore) in various residential and industrial projects in India. Vision India Real Estate partner Ilan Elad said the company entered India two years ago and was studying the market for the last 24 months. They have identified residential and industrial infrastructure projects as focus areas. The company has joined hands with Chennai-based Gem Group to develop a Rs 320-crore project at Padur on Old Mahabalipuram Road. They propose to invest $100-$200 million in the next three years. The focus areas will be residential, logistics and warehousing and hospitality. The company is planning to develop logistics parks in Chennai and Bangalore, which will be spread over 47 acres each. They have also initiated talks with retail houses, automobile majors, pharma companies and others. For housing projects, the initial focus would be on the Chennai market, which is stable compared with other cities in the country. It would enter the hospitality sector in 2011. The company has set a target of $500-700 million (Rs 2,300-3,220 crore) turnover in the next three years.