Real estate india

AIG enters realty with chennai deal

American International Group (AIG) has made its first move into one of the most buzzing sectors in real estate India, the real estate segment. On March 9,2007, the global financial sector power house, along with Bangalore based realty developer RMZ Corporation, bought an 11 acre plot in Chennai for nearly Rs. 300 crore from Hindustan Teleprinters Ltd (HTL), a subsidiary of Himachal Futuristic Communications Ltd. (HFCL), part its 46 acre area in the Gundy location of the southern city @ Rs.27.1 crore per acre through auction against the reserve price of Rs.22 crore per acre.

RMZ Corporation said it has plans to develop 60 million sq.ft. of real estate India over the next five years and is currently considering joint ventures and is in talks with various international financial partners.

-Lavazza to invest Rs.600 cr to buy proerty in India

Italy’s largest coffee company, Lavazza Group- the new owner of coffee chain Barista and Fresh and Honest Cafe-will invest Euro100 million (about Rs.600 crore) in the next three years on expanding business in India. “Lavazza will invest Euro100 million in the next three years to increase the presence of Barista and Fresh and Honest Cafe,” Barista Coffee Company CEO Partha Duttagupta said. He said as part of the expansion, Barista would have about 400 outlets across the country, up from the existing 156, in three years time. Most of them will be company-owned and at present also 150 outlets are owned by us and only six are franchisees,”he added. Fresh and Honest Cafe will also be looking at increasing its footprints in the automatic coffee vending and retail coffee poweder segments, he said.

Courtesy- E. T. dtd. 12-03-07