2008-06-07 15:21:56 - Hyderabad has yet another first to its credit. The city has become the first and favourite destination for several international players interested in real estate business to foray into Indian real estate market.

Over the last 12 to 18 months, the city has attracted biggies like Sunway Berhad, Malaysia, ACI Real Estate - an affiliate of German investment company Alternative Capital Invest GmbH, Property and Building Corporation (PBC), Electra Real Estate from Israel and the list goes on. The internationally acclaimed players have chosen Hyderabad as their gateway to explore the real estate

business in the country. They either forged alliance with a local partner, or appointed franchisees to make a beginning.

Murali Krishna Reddy, chairman of the Hyderabad-based MAK group said, international players see lot of opportunities in India. They chose Hyderabad over other cities for their entry as the city is the most happening place with multi lingual, cultural population. The city is also receptive to new ideas. Foreign players look at Hyderabad as a good testing ground. They feel that whatever succeeds here will succeed in other metros as well. Also the government is very proactive, he added.His group recently saw investment coming from Sunway Berhad, Malaysia. The foreign company has formed a SPV with MAK Builders, part of the MAK group to develop a Rs 350 crore integrated township project in Hyderabad. It holds about 60% equity in the SPV and would be pumping in $5 million into the project as FDI. The project would have 2 million sq ft of residential space besides some retail and commercial space and a hotel.

Tishman Speyer, a New York-based closely held real-estate developer and operator also joined hands with ICICI Venture, a private-equity firm of ICICI Bank of India to float TSI Ventures- India's first fully integrated real estate investment, management and operating company. The mission of the joint venture is to redefine the Indian real estate portfolio and development industry landscape. The first two projects of the JV is coming up in Hyderabad. The first one is a 400-acre integrated township at Tellapur with an outlay of $2 billion. The township would encompass 30 million sq ft of mixed-use development including residential, commercial, retail as well as civic amenities. And the next project is a world class office facility at Gachibowli in the city where Nagarjuna Construction Company is also participating with a minority stake...

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