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Ashish Bhalla, managing ...
Ashish Bhalla, managing director, Millennium Spire, confirmed the fund-raising but didn't give more details.
Naya Ghar Township Pvt. Ltd.
Although no big ticket private equity investment has been announced this year, 2010 is going to be a year full of events," Millennium Spire India Management Managing Director Ashish Bhalla told reporters here.
The PE fund, which is currently developing about eight million sq ft of area in four projects, would focus on India and other emerging countries for its future growth, he
"We have decided to invest $1 billion in Indian real estate in the next few years.
Going forward, we will also work on infrastructure projects," Bhalla
said, adding the company is exploring possibilities in Haryana, Uttarakhand and Tamil Nadu and is talking to the respective state governments.
atOnePlaceâ„¢: NRI Buy Invest Home, Real Estate & Properties, India Real Estate
MSL Managing Director, Ashish Bhalla reportedly said that the com
Once a private equity fund enters, the project suddenly becomes viable because it has the money to execute," said Ashish Bhalla, Managing Director of Millennium Spire India Management, a real estate investment firm.
In about 26 deals real estate deals in the first quarter of 2008, about 19 deals have been done via SPV's.
Look at some of the recent SPV deals.
Sun Apollo Ventures has closed a $76 million deal in the SPV of Amrapali Group, which is developing a 200-acre township in Jaipur, and a 15-acre high-end housing project in Noida.
Similarly, TAIB Bank is investing $50.44 million for a 26 per cent stake in the SPV of Anant Raj Industries, while Lehman Brothers Real Estate Partners is acquiring a 50 per cent stake in Unitech's Mumbai project. (See a list of major SPV deals).
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"Instead of the pre-conceived built up ...
"Instead of the pre-conceived built up apartments, we will offer floor areas for sale in which the end-user would decide upon the number of rooms to be built on the area bought," Ashish Bhalla, managing director, Millennium Spire, said.
said the company would launch 5,000 such units over the next few weeks at Gurgaon.
These "apartments-on-demand" will be priced in the range of Rs 2,500 to Rs 3,000 per sq ft. "Architectural customisation will be the unique selling proposition for our houses," Bhalla