Realty fund to develop projects launched

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Bangalore, Nov 22 (UNI) A 200 million US dollar Realty fund was launched here today to develop projects in South India, Maharashtra and Gujarat.

Launched by Cordea Savills of the UK and Nichani Group of the US, the Cordea Nichani Indian Opportunities No.1 Limited would tap resources from outside the country, aimed at developing projects in South India besides Maharashtra and Gujarat.

Speaking on the occasion, Nichani Group Executive Chairman Suresh Nichani said the Fund would close its first round over the next few days and the projects would get the necessary finance from next month. Subsequently a sizeable fund would be added by February next year.

Stating that the Fund assured a return of 25 per cent per annum, he said three projects with an investment of around 75 to 100 million US dollars had already been firmed up.

He said an agreement would be signed with a developer based in Mumbai besides two others from Chennai and a construction company, who would be minority partners.

Cordea Savills Executive Chairman John Partridge said the Company had for the first time ventured outside Europe and the US to tap vast opportunities available in Asia, especially in India.

''We are here for a long stay and many more Funds will be launched'' he said adding in the subsequent Funds, Indian investors would also be invited.

UNI

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