£350 Million Project In Nagpur

aAIM India, a division of the real estate equity investor, aAIM Group, on 6th june announced its first investment comprising a 7 million sq. feet mixed-use development. This is the first Foreign Direct Investment (FDI) in an Integrated Township under the Special Township Policy whereby most of the planning decisions are delegated to the development JV.
Located in the city of Nagpur in Central India, the £350mn project comprises 3,000 residences and construction of the first phase is expected to be completed in late 2009. The overall project will span a period of six years. aAIM India is the largest shareholder.
Strong local partners are critical to the success of all real estate development projects in India and aAIM India is delighted to announce that it has entered into a joint venture with Aanya, an entity derived from Soham Real Estate.
Soham has a 25 year track record during which time it has delivered 40 substantial projects including residential townships and commercial premises. Soham has sophisticated systems for delivering projects on time and on budget.
“This is a landmark day for aAIM India. We are very pleased to be partnering with Soham Developers; their consistent track record of success has been a significant factor in our decision to partner with them,” said Anurag Chaturvedi, CEO of aAIM India.
“This is only the second development of its kind in India approved under a new progressive scheme of the Government. The commercial attractiveness of the proposed development along with the strong execution capabilities of our partner should provide investors with confidence in our ability to source opportunities that will continue to offer high risk-adjusted returns.”

2 Comments

  1. Posted June 27, 2008 at 12:14 am | Permalink

    Nagpur is the fast growing city in INDIA. In the coming future it will be a main hub for export of goods. The CARGO HUB and Boeing Service station of Nagpur will take it to new high on International Level.

  2. Posted July 16, 2008 at 1:38 am | Permalink

    India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com

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