JP Morgan to invest Rs400 crore in residential project
09 May 2007
Mumbai: With a $300 million treasure chest for investments in the Indian real estate sector, JP Morgan Property Fund plans to set up a residential project in Chennai, at an estimated cost of Rs400 crore.
Through an equal joint venture tie-up with Chennai-based realty developer Arihant Foundations and Housing, J P Morgan will put up a 45-acre residential project.
J P Morgan''s India Property Fund targets key economic centres in the country including Mumbai, Bangalore, Chennai, Kolkata, Hyderabad and New Delhi among others, to develop projects along with local partners.
Last
year, J P Morgan Asset Management had announced the mobilisation
of around $360 million from institutional and high net worth investors from the
US, Asia, Europe and the Middle East to invest in the Indian real estate space.
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