052810B

Page 1

Indo American News • Friday, May 28 , 2010

online edition: www.indoamerican-news.com

www.indoamerican-news.com

Friday, May 28 , 2010

25

Business IndoAmerican News

STOCKS • FINANCE • SOUTH ASIAN MARKETS • TECHNOLOGY

Own a Piece of Manhattan in the (Not So) Old Country By Jawahar Malhotra SUGAR LAND: For many, it was a treat just to see a former great world-class tennis player and have a picture taken with him. But as the presentation and the designs for the master communities were explained by and laid out on the projection screen, it became clearer that many of the over 80 people who attended the IREO’s sales event were seriously eyeing the Indian market for a real-estate opportunity. Three members of IREO’s sales and marketing team, Marketing Associates Parag Vaidya, Anjali Grover and Mary Cronin were in town from the New York office this past weekend, supported by local staff, for a presentation at the Sugar Land Marriott of the properties that IREO is building in major cities in India. A beach resort development in Goa is scheduled to start in 2 years. And tennis legend Vijay Amritraj was on tour with them too as the official spokesperson. Amritraj, who lives in Los Angeles, had been on the ATP circuit and played in many of the Grand Slam tennis events in his heyday, both in singles as well as in doubles with his brother Anand. Since then, he has dabbled in the movies and other ventures and currently runs the Vijay Amritraj Foundation which has charity projects in India, especially Chennai where Amritraj hails from. He is also works of issues as an associate with the United Nations. “I played for India in the Davis Cup for 20 years,” explained Amritraj, “served 5 terms as President of the ATP and have done some movies and TV. I have learnt that you must exploit yourself to the limit and prove that you are the best in the world. You must look at a company and ask what they have done in their professional life.” And that is what Amritraj found when IREO turned to him to be their ambassador. He is sure of IREO’s strong commitment to India and happy to see many cities, including his hometown of Chennai, among the sites for master planned communities. “It is a good partnership,” he concluded, “and one I can passionately promote.” IREO was started in 2003 with as a global investment fund of $1.5bn and with the design and construction arm has offices in 7 cities in the US, India and Mauritius and 300 employees. The funds have been used to buy up 3,000 acres all across India for 14 master-planned projects. The flagship project is the Grand Arch (a cube with a square hole which resembles its namesake building in Paris, France) which is being built in Gurgaon, on Golf Course Road, about 2 miles from the South Delhi enclave of Saket. Grand Arch is a 1.6m sf mixed-use development built on 21 acres, with lakes, shopping and an ice rink and was started in September 2009 with completion by September 2012. According to Grover, all phases were sold out by March 2010, “and we are actively looking to buy back some units!” she said. Adjacent to it on the 800 acres that IREO owns, in Sector 66 another development spread

At the IREO real estate presentation last Sunday at the Marriot Hotel in Sugar Land, from left, Parag Vaidya, Mary Cronin and Anjali Grover with company spokesperson tennis great Vijay Amritraj. Photo: Jawahar Malhotra Grand Arch, in Gurgaon, the flagship project for IREO, is spread over 21 acres and is completely sold out. It will be completed in September 2012

over 11 acres, Uptown, will feature large landscaped greens, modern 3-side open apartments with modular kitchens. It was started in November 2009 and prices are up 20% year to date. Nearby, in Sector 67, IREO just launched on Saturday Victory Valley, featuring a 178m or 51-story tower, the tallest in North India and the second tallest in the country, near the Aravalli Hills. All of these flats offer high ceilings, floorto-ceiling glass windows, and a Manhattan style of living. The prices range from Rs. 5,000 to 7,000 per sf ($106 to $148 per sf) and different forms of financing are available for the NRI wishing to buy in. In the presentation that preceded the lively discussion with inquisitive and potential buyers, short videos were shown of the graphic representation of the communities, amenities and apartments in each of the three developments, including Waterfront, the company’s 500 acre development of four story townhomes and villa built around a 10 acre central lake supplied by the nearby Sidhwan Canal in Ludhiana, Punjab and which has opened up for bookings. The 3,100 sf units will go for Rs 16,000 per sq

yard ($340) or about Rs 96 lkh ($204,000) and are expected to be ready much sooner than the Gurgaon projects. In Gurgaon, the water for the lakes and fountains in the development will come from subgrade tubewell since the water table which is fairly high in the area and the planned 90% recharge zone. All of the projects that IREO has underway have been conceptualized and designed by

international architectural firms in Sinagpore and Hong Kong well-known for their work with high-density, multi-use living communities. And since many of the investors are based in New York, a Manhattan style living was what they were after. As Grover aptly put it, “if you can get that style of living in India, then why would you look elsewhere? Why would you leave India?”

world markets

Wednesday, may 26, 2010 dow jones

Gold 47.12 $1,211.90 Ind. rupee

9,974.45 • -69.30 • -0.69%

nasdaq

2,195.88 • -15.07 • -0.68%

bombay

16,387.84 • 365.36 • 0.22%

colombo asi

4,250.99 • 24.50 • 0.58%

dhaka GI

6073.92 • 84.97 • 1.41%

Karachi 100

9611.55 • 183.11 • 1.94%

nepal NEPSE

479.40 • -3.04 • -0.63%

per oz.

Silver $18.05

per oz.

Platinum

$1518.00 per oz.

85.36

Pak. rupee

69.55

taka

113.97

S.L rupee

Brent $70.33 Spot 0.79% Spot Bid Prices Bloomberg.com

INDO AMERICAN NEWS • FRIDAY, MAY 28 , 2010 • ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM

75.80

Nepal rupee


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.