INDIA - Westport Capital Partners is developing a major new residential project in Hyderabad, India, which is being backed by pension funds and other institutional investors.
Total development cost of the project is $100m (€70.4m), in the southern part of India where six million people live.
India is surfacing on the radar screen of many pension funds in the United States as an emerging growth market for the future, according to Greg Geiger, principal with Westport Capital.
"We are excited about the prospects for residential real estate growth in India and in Hyderabad in particular. The demographics show a clear need for new housing in the region. The rising income of the population will support developments such as this one," said Geiger.
Hyderabad is a city known for its educated workforce, rapidly improving infrastructure and proactive municipal government and has a modern industry built on the back developed dynamic information technology, technology services and biotech industries. In 2006, information technology job growth in the Hyderabad area was 18%.
Westport Capital's project is a development covers 60 acres of land and will consist of 330 residential villas covering around 278m2, to be sold to private owners.
Construction has recently started on the project and will be completed through several phases over the next four years, while several properties have already been reserved
While this is Westport Capital's first Indian project, it is not expected to be its last.
"We will continue to look for investment opportunities in India," said Geiger.