Gindi Holdings is planning a $500m middle class housing project near high-tech parks.
Gindi Holdings Ltd. is joining the Israeli land rush in India. Sources inform ''Globes'' that the company has bought a 42.5-acre lot in Chennai (formerly Madras), the capital of Tamil Nadu State in southern India, for $100 million in a combination deal. The company plans to build a 5,000-unit housing project at an investment of $300 million.
Gindi Holdings expects $500 million in proceeds, and will begin marketing in six months. The 100-square meter apartments will be sold at $1,100 per square meter. The apartments are targeting the city's growing middle class employed at the nearby high-tech parks.
Gindi Holdings owner Avi Gindi said, "We consider India to be the company's first international real estate investment, and another growth engine for the company."
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008