The concrete realty field is bringing the world closer to one another as many overseas investors are eyeing on the potential market of the Indian real estate. According to the sources of www.propertykhazana.com , Portman Holding - an US based realty firm showed interest in a local housing project by the Pune based real estate – Koleke Patil developers Ltd who bought out the on going project stake of ICICI. It is the second of its kind in realty business the Portman is involved. His first step was with SPV Bellflowers properties with a financial stake of around 49%. The name of the development project was Margosa. It is also known lately that earlier ICICI was suppose to invest just the half of its present amount but later on the company has made up to the double of their estimation.
. But interestingly no one was willing to give a proper documentation about all these strategies and the managing director of Portman Holding India – Rahul Anand was too away from any comment and hints for better public explanations in coming weeks. The same was observing from the executive team of Kolte Patil Developers about the foreign investment issues from the first day of the dealings between the duos. A confidential source also reveals that around 40 percent of the Kolte fund has the influence of foreign investment. It was about 70 percent of direct foreign investment in 2007 – 08 for its various ongoing projects. The current investment of Portman Holding in Tuscan Estate project will cove up a total area approximately 13 acre. It will be raised up to eleven floors with a total figure of 517 housing units for occupation which is targeted to complete by 2016.
Source: NIMMA BENGALURU
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