News: India real estate boom woos CalPERS
(NDTV 05/04/2006) Mumbai - India's property boom has attracted California-based CalPERS to pump in money to fund property acquisition.
The world's largest pension fund has already invested $100 million and plans to raise this investment up to a maximum of $400 million, with a return of at least 18 per cent.
As the retail and tourism sectors gather momentum, CalPERS also wants to fund housing, office, retail and hospitality segments in the country. It will initially focus on Delhi and Mumbai, with Hyderabad and Chennai being the other options. The company has tied up with IL&FS Realty Fund for the move.
One of the reasons prompting such high interest is that foreign investors who could earlier only buy into projects larger than 100 acres are now allowed to buy 25 acres or more of real estate.
The year 2006 has seen Warburg Pincus investing in Bangalore, Morgan Stanley investing $68 million in Mantri Developers and the Chatterjee Group investing $450 million.
The bullishness has also driven up the prices up, and real estate is up 35 per cent since last year's already high levels.
The world's largest pension fund has already invested $100 million and plans to raise this investment up to a maximum of $400 million, with a return of at least 18 per cent.
As the retail and tourism sectors gather momentum, CalPERS also wants to fund housing, office, retail and hospitality segments in the country. It will initially focus on Delhi and Mumbai, with Hyderabad and Chennai being the other options. The company has tied up with IL&FS Realty Fund for the move.
One of the reasons prompting such high interest is that foreign investors who could earlier only buy into projects larger than 100 acres are now allowed to buy 25 acres or more of real estate.
The year 2006 has seen Warburg Pincus investing in Bangalore, Morgan Stanley investing $68 million in Mantri Developers and the Chatterjee Group investing $450 million.
The bullishness has also driven up the prices up, and real estate is up 35 per cent since last year's already high levels.
posted by InCar Group Press Room at 22:17
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