Global real estate developer Tishman Speyer is shifting back focus on India as it is confident that the Narendra Modi Government would bring back positive market sentiments.

Having been slower than originally planned in development of real estate projects in India, the company now is looking at expanding its footprint in the domestic market and planning new projects across cities in India.

It set foot in the Indian market with the launching of its Waverock IT Park in Hyderabad in 2010, which houses global IT companies such as Accenture and TCS.

Telangana Chief Minister K Chandrasekhar Rao today inaugurated the second phase of the project that has been developed with an investment of Rs 200 crore, which will add about seven lakh sq ft of international standard IT work space accommodating about 7,000 IT professionals. Global companies such as DuPont and Capgemini have already taken up space in the second phase building, which has 17 floors.

Jerry Speyer, chairman and Co-CEO, of the company, said it has launched work on the third phase of Waverock. The overall investment in its flagship property in India would be Rs 1,050 crore, including Rs 250 crore in the current phase of the project.

“This (current) phase of Waverock will be ready in a year or two,” he told media persons today.

In response to a question, he said the company was looking for new properties in larger cities. “We invest in cities where we can do more than one project,” he replied, when asked to identify the cities the company was looking at.

Without disclosing how much it planned to invest in India, Speyer said: “It (investment) will be substantial. We have a large appetite to invest in India.”

The company operates over 358 projects totalling over 123 million sq ft with a portfolio of $ 66.8 billion in 11 countries, spanning four continents.

Related Topics
comment COMMENT NOW