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India is next big thing in real estate: Report

The latest addition to the growing list of possible investors in the Indian real estate sector is US tycoon Shaya Boymelgreen.

india Updated: Jun 13, 2006 08:48 IST

India is being considered as "the next big thing" in real estate with many Israeli companies lining up for major investments there, a media report in Jerusalem said.

The latest addition to the growing list of possible investors in the Indian real estate sector is US tycoon Shaya Boymelgreen who recently bought Azorim Investment in Israel for $500 million from IDB Holding Corp Ltd.

He is joining hands with Nochi Dankner, a prominent Israeli businessman who briefed him over the prospects in the Indian market, business daily 'Globes' reported.

The two entrepreneurs are in contact and considering a number of joint investments in India, the daily said adding that Azorim Investment CEO David Lev is due to visit India in a few days in this regard.

Meanwhile, Big Shopping Centres (2004) Ltd has already set up an Indian subsidiary, Big India, with a local partner who owns 40 per cent of the joint venture, the report said.

Big India bought two half-acre plots on which it plans to build commercial centres at an investment of $40 million.

Another company, Elbit Medical Imaging Ltd Chairman Motti Zisser declared early this year that he planned to invest in India.