Foreign Investment Promotion Board of the government of India has cleared Rs 550 crore India Real Estate Fund. The fund floated by Kotak India Real Estate Fund will be raised in the international market to be invested in the real estate projects in India.
The money will be invested through venture funds in the large projects on a minimum area of 25 acre. It is learnt that even though the domestic equity market has fallen in the last one and a half months, foreign investors are still eager to invest in the real estate market in the country.
The real estate fund will provide an opportunity to the foreign investors to reap benefits from the booming real estate markets in the country. According to one estimate, a direct investment in the real estate market gives a return of over 20% per annum which is very high in the international market.
FIPB has also cleared Rs 22 crore foreign direct investment by IJM corporation of Malaysia to invest in the development of a township in Hyderabad. The Malaysian company will take some stake in a company engaged in the development of township projects.
A number of similar other investments are also waiting for the...
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