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Mumbai Flat Auctioned at a Record Price- Rs.1.25 Lacs for a Sq.ft!
2008-05-22 15:55:00
India Shining!, remember the Slogan used by BJP during its past government?, here is a BJP  person who has Proved this Literally. Cinestar and BJP MP Vinod Khanna has bought a residential apartment at Malabar Hill, in the tony South Mumbai area, from Citibank for Rs 1.25 lakh a sq ft. Khanna has paid Rs 31.25 crore for the 2,500 sq ft flat. The sale price was four times higher than the reserve price of Rs 32,000 per sq ft. In a similar transaction nearly six months back, a London-based NRI acquired a 3475 sq ft property in NCPA apartments at Nariman Point for Rs 97,842 per sq ft. Real estate industry experts said the price at which a property was sold cannot be viewed as a benchmark in South Mumbai as the area has a limited supply of real estate. "Buyers are keen on South Mumbai properties due to the status attached to it. Properties in the area will always sell at a premium," said Sanjay Dutt, deputy managing director, Cushman & Wakefield. Citibank put ...
More About: Real Estate , Price , Investments , Record

DLF, Nitesh, HDFC vie for Beacon House
2008-04-20 15:53:00
DLF, Nitesh Estates and HDFC Realty are amongst the bidders reportedly in the fray to acquire NRI tycoon C Sivasankaran’s Beacon House , located off the upmarket Cenotaph Road in the heart of Chennai . The 3-acre property, a former residence of UB Chairman Vijay Mallya when he controlled Best & Crompton (B&C), may fetch as high as Rs 225250 crore, sources said.Mr Sivasankaran has mandated CB Richard Ellis to sell the property through an auction, with five bidders indicating early interest. While multiple sources confirmed interests from DLF, Nitesh Estates and HDFC Realty, unconfirmed reports indicated that local developer Arihant and Bangalore-based Sobha Developers are also in the fray.Mr Sivasankaran had acquired the property in early 2006 for Rs 100-110 crore, sources said.The bidders, like DLF and Nitesh, may be eyeing the property for premium residential units, which, going by the current FSI of 1.5, could see 4 lakh sq ft of fresh development. The area has houses ...

PNB signs pact with IIFCL
2007-10-23 11:18:00
Punjab National Bank has entered into a MoU with India Infrastructure Finance Company Ltd. The MoU was inked by Dr. K.C. Chakrabarty, PNB Chairman, and Mr S.S.Kohli Chairman and Managing Director, IIFCL, here on Wednesday. Under the MoU, PNB and IIFCL will cooperate and complement each other's capabilities in the area of creating a deal flow of infrastructure projects that could be structured along commercially viable lines based on project appraisal undertaken by PNB, IIFCL and PNB Gilts Ltd.
More About: Property , Banks , Industry News , Signs

Need of Real Esate Regulatory Body in India
2007-10-23 11:16:00
If you want to buy an insurance policy, you have to purchase the policy from an insurance agent recognised by the Insurance Regulatory Development Authority. If you want to invest in fixed deposits, you have to follow RBI guidelines. If one wants to invest in shares then there are SEBI guidelines for regulation. However, when a person is on the verge of making the most significant investment in his or her life i.e. buying a house, there is no regulatory body. A paradoxical situation indeed, which has led to lack of professionalism and has brought builders and brokers of all kinds, who are not aware of basic rules and facts of civil engineering, into the picture. According to Union Minister for Urban Development S. Jaipal Reddy by next year a real estate regulatory body would be in place to protect interests of consumers. However, consumer rights experts have reservations over the proposed regulatory body. “Will the regulatory body be allowed to run by people who do not have ve...
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Manesar is being developed by the Govt. of Haryana as the new area for deve
2007-10-23 11:12:00
With the growing scarcity of land in the existing Gurgaon Master plan, Manesar is being developed by the Govt. of Haryana as the new area for development. Most of the builders have already acquired lands in Gurgaon Manesar Expressway to develop townships like Unitech , Vatika, Raheja, DLF, N R Buildcon and many more.  The proposed Expressway to Jaipur and SEZs to be developed by Reliance, DLF, Unitech and Raheja are already adding value to Manesar apartments for builders and owners. Driven by positive growth in the economy and large scale investments in SEZ, the real estate in Manesar is booming at a swirled pace and in a recent survey, Manesar has emerged as one of the top 3 investors’ choice for real estate investment.  Manesar has also appeared as one of the India’s major outsourcing hubs, housing major multinationals such as Honda, Baxter, Suzuki, Stanley, Mitshubishi, Nippon, Toyota etc. Already a home to many manufacturing units of repute such as largest c...
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Government Clears 14 new SEZs
2007-10-23 11:10:00
Government approved 14 proposals for setting up SEZs, including those of TCS and Singapore-based realty major Ascendas but deferred a decision on plans by DLF and Unitech Hitech for setting up tax-free zones in Noida in the NCR region.Formal clearance for 10 proposals and in-principle nod to four applicants was given by the Board of Approval chaired by Commerce Secretary G K Pillai."Formal approval was given to plans of TCS to set up an IT zone in West Bengal and Ascendas received in-principle clearance for electronic and multi-product SEZs in Tamil Nadu," Pillai told reporters after the meeting.He said the decision on DLF and Unitech Hitech was deferred since the promoters did not have land in possession.This is the first decision on SEZs after the Union Cabinet had cleared the Resettlement and Rehabilitation policy, making the process of land acquisition transparent and easy for the promoters.
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US Group unviels Dh 4.3 Billion Resort in UAE
2007-10-23 11:03:00
US-based PKN Group said it will develop a Dh4.3-billion resort to bring "Las Vegas-style" living and entertainment to a desert area of Ajman near the border with Ras Al Khaimah.To hammer home the point that it would be fit for celebrities to live there, the company even brought Dirty Dancing star Patrick Swayze to endorse the plan. The company unveiled its PKN Princess Resort at an event at the Burj Al Arab hotel on Thursday night.FacilitiesThe California-based company's chairman Max Paxima said the development is "unlike any other project" attempted in the UAE.It will offer hundreds of apartments, low-rise houses, a shopping mall, an office tower and a five-star hotel. A casino will also be built, but without gambling facilities, Paxima said. "This is a not a gaming and gambling casino. This is a Las Vegas-style entertainment centre," he told Gulf News .With entertainment being a big theme, the project's unveiling was accompanied by a performanc...
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No Intention to control capital Inflow: Finance Minister
2007-10-23 10:58:00
Developments in the recent weeks have required India to moderate the flow of funds into the country but the government has no intention of controlling capital flows, Finance Minister P Chidambaram has said."Let me assure you we have no intention of imposing controls on capital inflows. Nor do we intend to keep out certain kinds of funds," Chidambaram told the ICICI Securities Annual Investor Conference in New York on Thursday night.Reacting to the move by stock markets watchdog Securities and Exchange Board of India (SEBI) to control the use of participatory notes by foreign funds, the minister said the move had become necessary following the inflow of foreign funds into India."It is common knowledge developed countries have injected a considerable amount of liquidity into their own markets to overcome their own problems. Part of that liquidity has spilled over into India and some other countries," he said."There is also evidence foreign investors in some co...
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Navi Mumbai SEZ to include Co-Developers
2007-10-23 10:56:00
The Government has cleared seven co-developers in Mukesh Ambani-promoted Navi Mumbai SEZs, thus endorsing fresh investment through private equity players by a key partner of the RIL Chairman."The Board of Approval gave a green signal to the Navi Mumbai SEZ proposal subject to their producing data on net assets of the co-developers," Commerce Secretary G K Pillai said.The intricately structured SEZ was first divided into four zones - one multi-product and three for IT and ITeS. Later, the promoters inducted seven co-developers with Jai Corp being the holding firm for these partners.According to sources, Jai Corp had sold its 10 per cent stake through an overseas infrastructure fund and raised Rs 2,500 crore to be ploughed back to all the co-developers.A source said with the government approving the co-developers's arrangement and the 'money having been realised, the promoters can go ahead with new financial restructuring.'"The Navi Mumbai SEZ will have to f...
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NRIs Boost indian property market
2007-10-23 10:47:00
India has a housing shortfall of 26 million units with the bulk of demand coming mostly from non-resident Indian s (NRIs), making it a rich property market for developers to tap, a Citibank official yesterday said. Mumbai-based Ashish Mehrotra, business head and vice-president for mortgages at Citibank India, said the Indian property market has been increasing at between 30-35 per cent per annum, and will continue to see huge demand in the coming years. "The markets are very buoyant, and developers have been providing internationally-accepted standards in the property industry," he said at the opening of IndiaHome Property Exhibition, a trade show for NRIs seeking to purchase houses in India. He said the three-day event, which is being sponsored by Citibank and held at Shangri-La Hotel, targets the NRIs in Dubai and the whole UAE for properties being offered by 12 large developers covering India's 18 major cities. He added that Citibank, a member of global financial ser...
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Massive Shortage of Govt office Accomodation
2007-10-23 10:29:00
There is a net shortage of 25.90 lakh sq feet of government office accommodation in Delhi alone and 20.12 lakh sq ft in other major cities, according to a report prepared by the Urban Development Ministry. In Kolkata, the demand for government office accommodation is 20,74,653 sq ft but the availability is only 13,79,402 sq ft. Similarly at Bangalore the demand for office is 5,31,802 sq ft but the availability is 1,71,697 sq ft as on December 31, 2005. According to a senior Urban Development Ministry official, "Apart from these cities there is also massive shortage of government office accommodation at Mumbai (1,70,035 sq ft), Chennai (2,14,366 sq ft), Thiruvanathapuram (1.07,600 sq ft) and Bhopal (91,43,200 sq ft)." However, Faridabad and Ghaziabad have no shortage of government office accommodation while Agra and Cochin have a surplus of 8,157 sq ft and 671 sq ft respectively, as per the report. Though the government has sanctioned construction of new offices at various ...
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Shaikh Mohamed pays Surprise Visit to CityScape, Dubai
2007-10-23 10:25:00
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai , paid a surprise visit to Cityscape, the world's largest real estate exhibition which concluded here yesterday. A B2B (business-to-business) real estate show dedicated to those who can afford to invest over $5 million in the property industry, Cityscape attracted major companies and governments from various countries worldwide. Shaikh Mohammed toured the 70,000 square metre exhibition area at Dubai International Convention and Exhibition Centre, meeting with some of the show's 1,000 regional and international exhibitors. The event organiser IIR Middle East announced in a Press statement record attendance of 30,000 visitors during the first two days, surpassing the number of people who came last year. Group director of Cityscape for organiser Rohan Marwaha said that Cityscape Dubai would not have attracted the quality and scale of its exhibitors had it not been ...
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IMP Powers Bagged Rs65 Crore Order from Maharashtra State Electricity Board
2007-10-23 10:16:00
Makers of electricity meters and transformers IMP Powers has bagged an order worth Rs 65 crore from a renowned EPS Contractor for supply to Maharashtra State Electricity Board .Under the contract IMP Power will supply EHV Transformers of 132 and 220 kv class, the company informed the BSE today.The company plans to execute the order in the next 6-9 months. The company has the distinction of producing transformers with improved efficiency to supply quality power with minimum losses.
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Sales Centeres & Advertising prime factors in Property Buyers Decision
2007-10-23 10:14:00
Sales centres and advertising are the most important factors influencing one's decision to buy a property, according to a study released by FutureBrand, a global brand consultancy firm. It said that sales environments have posted a 25 per cent rating in terms of importance in attracting potential buyers. Advertising received a 21 per cent rating compared to six per cent for information videos and five per cent for web sites. "We believe successful sales environments impart a clear and engaging message about the values of a development," said Gulf Real Estate Study, a 2007 survey commissioned by FutureBrand. "In real estate especially, customer environments become the manifestation of the design and quality of property developers' aim to produce." The US firm said the study, based on 300 homebuyers and development professionals in the UAE and Bahrain, "allows us to better understand attitudes and perceptions of communities and developers, along with t...
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Parsvanth Developers will build Mega Township in Jodhpur
2007-10-23 10:02:00
Delhi-based real estate major Parsvnath Developers has announced it will build a self-contained, mega township in Jodhpur . Spread over 110.4 acres the township will be called Parsvnath City.According to an official release issued by the company to the NSE today, Parsvnath City will be ready for occupany within two years. The developers also launched Parsvnath Royale Villas, a limited edition of exclusively designed independent villas. The villas are offered in size options of 200, 250 and 300 square yards (in phase 1) and are a part of Parsvnath City.They can be further expanded to suit individual requirements."Parsvnath City will bring alive luxurious living in the city of Jodhpur. The viilas are being designed to bring in a fusion between the traditional architectural layouts which the city is famous for, and the requirements of modern living," said Pradeep Jain, chairman, Parsvnath Developers.The company also has its presence in other cities of Rajasthan, including resi...
More About: Real Estate , Build , Mega

CONSTRO 2007-Exhibition IN PUNE
2007-10-23 09:55:00
Construction industry equipment manufacturers from Korea, China, Malaysia, Germany, Italy, Canada, Holland, Denmark and Dubai are expected to participate in Constro 2007, an exhibition of construction machinery, materials, methods and projects, to be held in Pune from November 28 to December 2'2007. The exhibition is being organized by Pune Construction Engineering Research Foundation.
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Peninsula buys property in Hyderabad for Rs 90 cr
2007-10-21 16:03:00
The Ashok Piramal group's real estate arm, Peninsula Land (PLL), has purchased Rallis India's 31 acres of land at Patancheru near Hyderabad for Rs 90 crore. The acquisition, made through PLL subsidiary RR Mega Prop erty Developers, marks the Mumbai-based developer's entry into the southern markets. "Western and southern India are our focused markets now. We are scouting for more land in cities like Bangalore and Chennai," said Rajeev Piramal, executive vice chairman and managing director, Peninsula Land. The land sale is subject to fulfilment of certain conditions, including the satisfactory completion of due diligence by RR Mega Property Developers with respect to the title of the property. Rallis India, a Tata group firm manufacturing agricultural products like pesticides and fertilisers, has put around 150 acres of land in Hyderabad on the block. Out of this, Godrej Properties had purchased 30 acres of land earlier. Besides buying the 30 acres, PLL has signed...
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Telecom, The Next Big Thing In Real Estate
2007-10-19 14:07:00
The uncertainty in the prices of property has made real estate companies to integrate into telecom. Developers want to tap the opportunities as telecom offers more revenue stability. Developers are lining up in droves to offer telecom services-or, more specifically, they are lining up to pick up licenses to do so. All the real estate biggies have put in approximately 500 applications for licenses to offer telecom services with the Department of Telecom munications (DoT). Companies that have applied for the license include DLF Ltd, unitech Ltd, Parsvnath Developers Ltd, Omaxe Ltd and Indiabulls Real estate Ltd. One of the most important reasons for this rush is that the real estate business has seen a slowdown in the past few months and telecom presents a lucrative business opportunity. According to Nitin A. Khandkar, senior vice-president, research, Keynote Capitals Ltd, Real estate companies are looking at the telecom business to de-risk their business. And to look in to the details...
More About: Estate , Real Estate , Unitech

Hotels Being Accommodated In Big Malls
2007-10-19 13:47:00
The popularity of malls has attracted the attention of the hospitality sector as well. With the rising costs of real estate, hotels are now looking to rent space in malls and other commercial complexes. Accor Hotels and Ginger Hotels are in talks with mall developers to build Formulae 1 brand of budget hotels at the top floors of malls in tier I and tier II of cities. Ginger Hotel has signed contracts in Ludhiana, Amritsar, Mohali and Ahmedabad . Real estate biggies like Phoenix Mills and DLF, too, plan such hotels in various cities."This is a concept that hotels have been following worldwide and is just catching up in India ." said Mr Shishir Shrivastava, CEO, Phoenix Mills. The cost factor also works well for the hotels. For instance, a 100 room stand alone Ginger hotel will cost the company (excluding the variable cost of the land) anywhere between Rs 13-15 crore that is 30% more than what it would cost it over a mall. While the hotel sits on the top floor, the lower floo...
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Grand Nirvana Resort, The Latest Affiliation To RCI
2007-10-19 13:43:00
The Grand Nirvana Resort in India joins RCI, a global leader in leisure real estate. This addition has made RCI Group, the International leader in vacation exchange, as now it has 72 affiliated resorts in India. The RCI Group is proud that Grand Nirvana, a new resort in Allepey, Kerala, has selected RCI to support its vacation exchange. Speaking on the affiliation, Radhika Shastry, Managing Director, Indian Subcontinent, Group RCI said, We are delighted to add a new affiliate in Kerala which expands our footprint in this popular tourist destination.The Grand Nirvana offers extensive amenities including a multi cuisine restaurant and a wellness spa. Another highlight of this resort is its cruising villa, a double-decked traditional Kettuvellama . Grand Nirvana Resort becomes the ultimate tourist destination as it offers wonderful overall experience. Source: 11 Oct 07 cnnmoney.com
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Real Estate Biggies To Compete For Prime Plot near Kolkata
2007-10-19 13:33:00
A prime 5-acre plot on the edge of EM Bypass Expressway has caught fancy of Indian real estate giants. Soon, big names including DLF, Reliance Group, Emaar MGF, Indiabulls, Bengal Ambuja Real ty, and Paharpur Cooling Towers will be seen competing for it. Kolkata Municipal Corporation (KMC) will put the project to auction. The location of the property is its biggest plus. It is located opposite the Science City Infotainment Complex. Also, it is at a stone throw distance from the ITC Sonar. KMC will offer it on a 99-year long term lease through an auction. Most probably, the land will be used for development of an exclusive commercial-***-residential complex. This region is buzzing with developing commercials and there is huge demand. To add to this, the plot is on the edge of a prime expressway that passes through fast flourishing New Kolkata on the eastern border of the city. 57 corporates have bought the request for proposal (RFP) document containing the terms and condit...
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One Of The Largest Investments Made By JP Morgan
2007-10-19 13:31:00
Realty focused private equity funds are committing big money, when it comes to project financing. And so far JP Morgan 's USD 360 has made its largest investment so far in an IT park in Navi Mumbai . The fund will invest Rs 100 crore or over USD 25 million in the development. It is said that JP Morgan's property fund will buy 40% in the 4.5 million sq ft IT Park and will be developed by B Raheja Group. The B Raheja Group recently received an investment of USD 45 million from US-based investment banker Wachovia, for two projects in Bangalore. And JP Morgan's realty fund has invested USD 10 million each in Hyderabad-based Modi Developers and Chennai based Arihant Foundations for middle-income group housing. The fund is also about to finalise an investment in an IT-***-residential complex in Kolkata's new town Rajarhat with Unicon BuildersSource: 12 Oct 07 moneycontrol.com
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Second Hand Flats Becoming More Popular In Chennai
2007-10-19 13:28:00
Real estate is growing in all the metros but Chennai is not getting its fair share. This has led to stagnation in the residential market. Simultaneously, this has led to buyers opting for second hand flats as investment options. Mr Sanjay Chugh, VP - Transaction Mgmt Services, Jones Lang Lasalle Meghraj says, The buyer feels that if one is to go for a second-hand apartment on a resale basis there are two things: capital investment is much cheaper, also the registration cost which is slightly higher and the refurbishment cost, if they are getting at the location they are looking at it works out quite cheap.Besides this, second hand flats are 30 to 50 percent cheaper than newly constructed apartments. The profession is also quick and the banks readily finance resale flats as old as 35 years. So in a way it becomes best option for the investors. Although there is a huge demand for resale flats, experts say supply is not even 10% of demand. Source: 12 Oct 07 moneycontrol.com
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SBI and ICICI Bank Reduces Its Rate Of Home Loans
2007-10-19 13:23:00
To add more colour to the festive season, State Bank of India, has reduced interest rates on home loans by 0.5-1 per cent for different maturities. The new rates will be applicable for all new loans sanctioned on or after October 8. The scheme is valid up to December 31. Now, those seeking home loans from SBI will pay cheaper interest rates depending on loan maturities and the amount of loan. There is a further advantage for those who have their salary account with the SBI. They can avail discount and further discount if a higher margin is available. The SBI has also cut down interest rates on vehicles and personal loans. Thus, it is bonanza time for customers looking to get new homes this festival season. Source: 11 Oct' 07 The TribuneICICI Bank has brought down its home loan rates by 0.5 percentage point to 11 per cent. The new rates will be implemented with immediate effect and the rates will be applicable on new loans till October 31, said an ICICI spokesperson. Sou...
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Prominent Growth In Indian Housing Market
2007-10-19 13:04:00
According to the study conducted by HUDCO-IIM Ahmedabad every rupee invested in the real estate sector adds 78 paisa to the state's GDP. The sector will grow from $12 billion in 2005 to $90 billion in 2015. And majority of the growth is expected to come from the housing market. Although the average age for ownership is 32 years now as compared to 45 years in the 1980s, yet India 's realty sector is dominated by the unorganized sector. Very few corporates and large players have a national presence. Growing middle class salaries and easy access to finance have given a rise to the industry but at the same time restrictive legislations and non-transparent transactions have nullified some of these gains. Same laws are applicable, those that were prevailing in the 19th century. And these laws have become barriers: a McKinsey study calculates that removing land market barriers can contribute an additional one percent to India's GDP growth rate. According to a World Bank study, a...
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DLF Goes Abroad To Raise Funds
2007-10-19 13:02:00
The biggie of the real estate sector wants to grow bigger, as DLF Ltd plans to borrow $1.5 billion overseas to fund new projects and acquisitions in the next 30 days. It will spend half of the money on buying shares in DLF Offices Trust, a Singapore based entity. The Senior Vice President Mr Saurabh Chawla remarked that “To further the business plan of DLF, including investment in the forthcoming IPO of DLF Offices Trust, the board has given us an approval to raise a loan of up to $1.5 billion through an overseas subsidiary, Stock s of DLF Offices Trust will be traded on the Singapore Stock Exchange. DLF will participate in the IPO and invest up to $750 million.†Singapore was chosen for the IPO because, “We did a study and found that the Singapore market best suited our sort of listing. Singapore has a good legal structure and is a preferred choice for many foreign institutional funds. It has a friendly regulatory environ...
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Pucca House Still Remains A Dream For Poor
2007-10-19 12:57:00
For the poor and unprivileged section of India n Society owning a pucca house still remains a dream. Whereas the World Bank report of April 2007 shows the amazing impact of replacing dirt floors by cement floors in Mexico, adults reported 69 percent higher satisfaction and children's educational development improved by up to 96%. And in India 158 million still live in slums and millions of people still sleep on roads, footpaths or wherever they find a shelter. Ms Kalyani Menon points out that only 6000 out of the 27000 families evicted from the Yamuna Pushta area in 2004 were resettled. Some of the families were bought by city contractors to build the Asian Games infrastructure. The plots were allocated through so called "voluntary relocation" but were priced beyond their pocket size. In the process of the Capitals Ashok Malhotra scandal large number of fake ration cards and allotment letters were seized. They represent the stolen dreams of Hudson Lane slum evacuees, wh...
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Advertisers looking at your skin in a new way-Handvertising!
2007-10-19 09:44:00
So you have seen advertisements from commercials to billboards. Nowadvertisers are looking at your skin to place their ads! Look at howthis Orange County based company is getting venues to let advertiserson their customer’s hands.This is a new form of advertising and is completely different from thetelevision commercials and magazine ads people are used to. What do youcall advertising on your hands? "Well I like to call it Handvertising",said Mike Brown CEO of Handvertising USA.Handvertising USA is transforming the way advertisers are looking atyour skin, more specifically your hands."Almost everyone has been to a county fair, swap meet, bar or club and had had their hand stamped for proof of entry. We have found a better use for this space that could make everyone happy"said Mike."Advertisers are always looking for a new and exciting way to promote their brand. Handvertising USA offers a unique way to do this and everyone benefits"said Mike."...
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Phoenix Mills partners Shangri-La for luxury Hotel
2007-08-30 16:51:00
Joining the big league of property developers who have ventured into hospitality, Mumbai-based Phoenix Mills has said it will set up a 30-storeyed luxury hotel at Lower Parel, Mumbai.A subsidiary - Pallazzio Hotels and Leisure - will develop the property, while Hong Kong-based Shangri-La will manage the hotel.The property - to be named The Shangri-La Hotel Mumbai - will have 350-400 rooms and is expected to become operational by Q4 2009. The company is spending nearly Rs 300 crore on construction and interiors of the hotel."Hospitality is a critical part of mixed use development which we initiated earlier. There is a vaccum for good quality hotels in Mumbai and elsewhere in the country. We will primarily target business travellers with the hotel," said Shishir Shrivastava, CEO of Phoenix Mills' hospitality division.Atlas Hospitality, another Phoenix Mills subsidiary, is developing luxury hotels at Pune, Bangalore, Chennai, Mumbai and Agra. Each hotel will have nearly 3...
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Cognizant to invest $100 mn more in India
2007-08-03 14:44:00
CHENNAI: Cognizant Technology Solutions said it will invest an additional $100 million in India , taking its total investment in the country to $300 million over the next two years. The IT and BPO major said the additional investment will be used to expand its new Chennai campus — located in a special economic zone — which will double in size with an area of over 2 million sqft. Cognizant is increasing the size of the first phase of planned construction of its SEZ facility in Coimbatore to over 7,25,000 sqft. It also plans to acquire additional property in Hyderabad and Chennai. Chief financial and operating officer Gordon Coburn said: “We expect this investment to enhance our flexibility to meet the escalating demand for our services from both new and existing customers around the world.” In November 2006, Cognizant announced it has planned to spend more than $200 million on land, building and other facilities for upcoming techno-complexes. The m...
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