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IFCI Plans to Increase its Real Estate Business

Submitted by on Thursday, 20 August 2009No Comment

flower-710863Financial institution IFCI will increase its presence in the real estate business. After launching its serviced apartment project in Delhi, the institutions real estate arm IFCI Infrastructure Development Ltd (IIDL) will launch three similar projects in Lucknow, Guwahati and Chennai. To make the serviced apartment attractive for foreign traveller, IIDL on Tuesday signed a contract with Singapore’s Frasers Hospitality to manage its serviced apartment property named Fraser Suites in the capital city. IIDL is planning to develop a total of two million sqft area in the three cities.

CEO and MD of IFCI Atul kumar Rai said that IIDL would soon start developing serviced apartments at other locations to bridge the gap in demand and supply of good guest accommodations in important cities. He said that the company would also like to buy lands in the auctions of governments land development authority. With the signing of the contract with IIDL, Frasers has entered the Indian market. Frasers has lined up to manage 600 units in separate developments, scheduled to open in India over the next three years. It underscores Frasers’ objective to achieve a target of more than 700 units under management contract by 2011, elevating India to Frasers’ second-largest market globally, said its CEO Choe Peng Sum.

IIDL, which has a land bank of 3.5 million sqft, has plans in hand to develop 2 million sqft commercial space. CEO of IIDL said that if they get other attractive proposal to develop residential projects, they would certainly consider them also.

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