A joint venture of Japanese realty giant Tama Home and Singapore-based Developer Group will be investing 15,000 to 16,000 crore through FDI in the Indian real estate market in the next five years. Their first project ‘Oakvalley’ was kicked off on Tuesday in Vizag where the group will develop a layout, spread on 50 acre at Maharaujpeta junction near Singannabanda. This place comes just before the Y- junction on the Vizag – Srikakulam NH-5 and is very close to Tagarapuvalasa near Bheemunipatnam. It will be the first ever Japanese investment in the Indian real estate market.This is also the first Japanese investment into the state’s real estate sector. Interestingly, the Tokyo stock Exchange listed Tama Home group and Developer Group, preferred Vizag over the new state capital Vijayawada to launch their operations. Tama Home, which builds 10.000 affordable houses per annum in Japan and is now expanding in Vietnam and Cambodia will bring in advanced technologies in the construction for affordable housing.
Builders have already rolled out projects to develop luxurious ventures for the elite in and around Vijayawada.
Developer Malaxmi Property Venture Pvt. Ltd is coming up with a huge project with over 100 high-end luxury communities at Nidamanuru, which is over 7 km from Gannavaram Airport. “The project would have over 40 tower units, part of 90 high-end luxurious communities,” said M. Tirumala Srinivas, director, Malaxmi property ventures.
The developers are of the opinion that these high-end spaces strategically being developed in the proximity of the airport and the capital region would be in great demand. Y. Harish Chandra Prasad, chairman, Malaxmi Group said, “With several government departments set to be relocated from Hyderabad and many organizations ready to roll out their projects, we will be in need of such spaces.”
Similar ventures by Anubandhana, Navya, Abhinandana, RK, Tirumala are also underway in targeting the population likely to turn up due to capital formation.