Chennai: Kuwait-based investment company Hayat Invest as part of foraying into the domestic real estate business on Tuesday announced its first residential project to come up near city, under its joint venture Indian partner XS Real Group.
"Hayat Investment company would invest about USD 100 million in next couple of years. For the first two projects it will invest about USD 25 million," XS Real Group Chairman S G Prabhakaran told reporters here.
"The money came in around October 2013 at the time when uncertainity prevailed in the (real estate) industry," he said.
The two companies, in which Hayat Invest holds the majority stake, have jointly launched a special purpose vehicle -- Jacaranda Properties -- to manage the real estate entity.
The first project to come up on a 14 acre land at Siruseri near the SIPCOT Industrial Park would have about 1,500 apartments.
"The first phase is expected to be rolled out by June 2014," he said, adding the apartments would be positioned under the mid-segment category in which prices would range from Rs 20 lakh to Rs 50 lakh.
"For the second project we are still looking at land. It will also be a residential project," he said.
The reason for setting up the maiden project on the Old Mahabalipuram Road, was the logic behind XS Real Group which has already undertaken a similar project belonging to Government of Singapore Investment Corporation, Prabhakaran said.
Hayat Investment Company, Founder-Chairman, Nabeel Al Mannae said the two companies were discussion for a year and last October the financial transaction was made.
"It is just a start from our side. We have the common understanding (through this partnership). We are eager to look forward more projects in future...," he said.
The two companies are eyeing to clock revenues of USD 120 million through the real estate business, a company statement said.
PTI
First Published: Wednesday, February 26, 2014, 12:10