Japanese reality firm TamaHomes to invest in India

Japanese real estate company TamaHomes Corporation has entered into a joint venture agreement with Developer Group India Pvt. Ltd to create townships in India.
Both real estate companies will jointly build three housing projects, including two townships, having about 3,500 housing units, in Ludhiana, Visakhapatnam and Chennai.
Developer Group India Pvt. Ltd is a Japanese investor-promoted real estate company in India backed by leading Japanese corporates and institutions.
It will bring and promote eathquake-proof technology into the Indian realty market.
TamaHomes entry into India comes a week after Japanese telecom group SoftBank buying a major stake in Snapdeal.com for USD 627 million.
A number of Japanese companies are already present in India across sectors like automobiles and consumer goods, while financial services from there have also began evincing interest to open up business here.
Developer group and TamaHomes will together develop about 12-18 projects in the next five years at a cost of about Rs 6,000 crore.
Developer Group India Pvt Ltd is buying land for upcoming projects as well as partnering land owners to build projects. They are going to outsource the construction activities related to these projects to local contractors.
In future, the joint venture firm is also looking into possibilities of developing smart cities, commercial, hospitality projects in India.

Month: Current Affairs - November, 2014