With demand picking up and cash flows improving, investor confidence appears to be returning to the country’s real estate sector. Ireo, a Gurgaon-based realty-focused fund and developer with overseas investors, on Thursday said it plans to invest $500 million (about Rs 2,500 crore) over the next two years.
Ireo has already invested close to $1.5 billion in 13 projects across Pune, Mohali and Ludhiana since starting out in 2003. “We have already commenced construction and leasing of a five million square feet IT SEZ (special economic zone) and the sale and construction on three million square feet of housing. We are poised to launch a number of projects that will entail development of more than 8 million square feet of housing in the coming 12 months,” Lalit Goyal, vice chairman and managing director said in a statement.
Ireo plans to launch its own residential and commercial projects in Punjab, Haryana, Tamil Nadu and the National Capital Region. It is also evaluating opportunities in the education and hospitality sectors.