It’s Real-estate time

It’s party time folks. For the property developers, and those who have large pieces of land. A mo nth ago, Economic Times carried a small story which said prices in the residential sector outgrew prices for commercial properties. And now, I know why.

JP Morgan, among other big names, are investing heavily. 400 crores of their money is headed Madras’ way.

J P Morgan Property Fund, which has mobilised over 300 million dollars to focus on Indian real estate, is going to set up a residential project in Chennai, at an estimated cost of Rs 400 crore.

Chennai-based realty developer Arihant Foundations and Housing will develop the residential property, which will be spread over 45 acres of land, in joint venture with J P Morgan.

2 Comments so far

  1. sachin (unregistered) on May 11th, 2007 @ 7:14 pm

    sorry to steal your thunder but 400 crore isnt much..

    Hiranandani, a mumbai based builder itself invested 2000 Cr last month. Besides the ETA group, DLF and several others have already crossed the 400 Cr mark in the city

  2. Thad E. Ginathom (unregistered) on May 13th, 2007 @ 11:18 pm

    400 Crore, these days, buys 200, or less, independent houses in central Chennai.

    Drop in the ocean.

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