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The Sultanate of Oman aim to expand in Mangalore Project

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The Sultanate of Oman wants to pool in Rs. 600 Crores in Mohtisham’s 300 acre township in Mangalore and this is believed to be the biggest realty transaction in south India in the recent times, adds the source at www.propertykhazana.com. Oman Investment Fund is thus wants to hold about 50% share in Mohtisham Realty segment which would be a partnership deal for executing 18-19 million Sq.ft venture under Mangalore-Bangalore highway.
As per sources from www.propertykhazan.com, the group has taken up the project and did not want to disclose anything further. The transaction of Mohtisham was a formal one. Mohtsham which is 20 years old realty segment was looking for diversifying in India and also for investments in tune with their Sharjah’s ideology. Presently, the funds of Abu Dhabi, Saudi Arabia, Oman and Qatar are also vigorous in India
A source quoting form www.propertykhazana.com states that the group would pool in $1.25 million. Right now there would be an entry of big realty segment in Tier II or Tier-III regions and this would be a starting phase for their developmental activity which might begin next year and end up within eight years. Phase I of the project will be opened in three years and will have houses, a mall, schools hotel and special economic zone.
The realty segment is in a dilemma whether such a large execution of project can be done at Mangalore whereas some believe that it is possible because of high potential and focal point for education in the coming years. ONGC is heading with some investment pack and being close to Manipal which is an educational centre. The Violence that rocked the city during the recent years and the entry of conservative fringe are the main drawbacks that may put a hold on its development. For more and latest realty updates follow us at www.propertykhazana.com.
Source: NBTVLIVE

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