Indian Real Estate: J.P. Morgan Invests $97.6-Million In Indian Residential Project
Having mobilised over $300-million 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. 400-crore.
Arihant Foundations and Housing, a Chennai-based realty developer in a joint venture with J.P. Morgan sanctioned by its Board of Directors, will develop residential property spread over 45-acres 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 firm's India property fund is targeting key sub-continental 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 $360-million from US, Asia, Europe and the Middle Eastern institutional and high net worth investors (HNIs) for investing in the booming Indian real estate space.
For more information on Real Estate Agents, MLS visit
Source:
