Canada-based NRI billionaire, Bob Dhillon is considering investing up to $100 million (about Rs 540 crore) in the Indian real estate market and is planning to approach the Haryana government for developing a township near Chandigarh.
Dhillon, the President and CEO of realty firm Mainstreet Equity Corp, is visiting India as part of a large business delegation accompanying Canadian Prime Minister, Stephen Harper.
“I am looking at Haryana, more specifically areas adjoining Chandigarh, for development of a township. I am in the process of discussion with the state government,” he said.
Dhillon, whose family hails from Tallewal village in Barnala district of Punjab, noted that the ageing population of Indian diaspora in Canada — most of them are of descendants of Punjab — is looking for a second home in India. The planned project would be near upcoming international airport.
On likely investment, he said: “Under the right circumstances, we would consider investing $25—100 million in India.”
He said the investment in India might be in his personal capacity.
Asked about the Indian market, Dhillon said: “India is a developers’ dream because of its demographics, migration from rural to urban areas and collapse of joint family system.”
Stating that India needs institutional capital to deal with the rising housing demand, he said the government should make changes in laws to attract foreign investment.
The clarity in ownership rights, easy repatriation of capital and pragmatic landlord-tenancy Act are required for easy inflow of institutional capital, he said.
“I would be in the best market of the world, if the policies were tweaked to my appetite,” Dhillon said and hoped that the Indian government, which has made changes in retail FDI, would give priority to housing sector as well.
On his Toronto Stock Exchange-listed realty firm Mainstreet, he said the company, which acquires and rents apartments, has assets worth about $1.2 billion and has an annualised revenue of approximately $90—100 million. The company has over 8,000 apartments in Canada.
Keywords: Canadian NRI, Bob Dhillon, keen to enter, Indian realty market, Canada-based NRI billionaire, Indian real estate market, planning to approach, Haryana government, township near Chandigarh, Mainstreet Equity Corp, business delegation, Canadian Prime Minister, Stephen Harper
Comments:
Good news!
Pls develop one canada in India followed by one London as good or even better.
India is the future as well said.
Let it be the latest city in the world.
Be arole model to rest of india with iconic architecture and mixed use developt
strictly a sper European standards and specifications.
Wake Up Call for Punjab Government -
Bob Dhillon wants to invest 540 crore in Haryana (Not in Punjab) in a towship for Punjabi NRI's.
- Have the investors lost faith in Punjab?
- Do the NRI's of Punjab prefer to live in Haryana than in Punjab?
- Will someone from the Government try to contact and request Bob to invest in Punjab?
- Are the policies and the thought process of Punjab Government...not Investor friendly?
Someone may have the answer!!!!!!!!!!!
Prabhpal Pannu
Axis Realmart Pvt Ltd
Jalandhar
www.axisrealmrt.com
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