Kuwait’s Hayat to invest in India property
Kuwait’s Islamic investment firm Hayat Invest will invest $100 million in the Indian real estate sector in two years in partnership with Chennai-based residential real estate developer XS Real Group, The Economic Times reported.
The investment, which comes at a time when the real estate sector is hit due to economic slowdown, will be made through a special purpose vehicle Jacaranda Properties that has been created for the purpose. It will be routed through Hayat’s investment arm Ariston Hayat RE Assets Investment (Mauritius). The current investment will be one of the biggest investments in Chennai real estate.
The first project of the XS Real Group’s venture will be a residential one spread over 1.5 million square feet at Siruseri, Chennai’s IT corridor, which will come up in a phased manner over four years. It is expected to be launched in June. Hayat Invest will initially invest $25 million in two projects. The partners are still mulling over the location of the second project.
“This is just a beginning of the long-term partnership and the first Shariah- (Islamic law) compliant investment in Chennai. We do not go for debt and our projects are solely equity which made as a good fit for Hayat Invest philosophy,” said SG Prabhakharan, chairman of XS Real Group. He also said there would be 1,500 apartments in all.
The investment comes at a time when the Chennai residential market has taken a hit. According to property consultancy firm Knight Frank India, residential sales in the city dropped 33 per cent in 2013 compared with 2012. This is also reflected in the investment appetite.
Kuwait's Islamic investment firm Hayat Invest will invest $100 million in the Indian real estate sector in two years in partnership with Chennai-based residential real estate developer XS Real Group, The Economic Times reported. The investment, which comes at a time when the real estate sector is hit due to economic slowdown, will be made through a special purpose vehicle Jacaranda Properties that has been created for the purpose. It will be routed through Hayat's investment arm Ariston Hayat RE Assets Investment (Mauritius). The current investment will be one of the biggest investments in Chennai real estate. The first project...
Kuwait’s Islamic investment firm Hayat Invest will invest $100 million in the Indian real estate sector in two years in partnership with Chennai-based residential real estate developer XS Real Group, The Economic Times reported.
The investment, which comes at a time when the real estate sector is hit due to economic slowdown, will be made through a special purpose vehicle Jacaranda Properties that has been created for the purpose. It will be routed through Hayat’s investment arm Ariston Hayat RE Assets Investment (Mauritius). The current investment will be one of the biggest investments in Chennai real estate.
The first project of the XS Real Group’s venture will be a residential one spread over 1.5 million square feet at Siruseri, Chennai’s IT corridor, which will come up in a phased manner over four years. It is expected to be launched in June. Hayat Invest will initially invest $25 million in two projects. The partners are still mulling over the location of the second project.
“This is just a beginning of the long-term partnership and the first Shariah- (Islamic law) compliant investment in Chennai. We do not go for debt and our projects are solely equity which made as a good fit for Hayat Invest philosophy,” said SG Prabhakharan, chairman of XS Real Group. He also said there would be 1,500 apartments in all.
The investment comes at a time when the Chennai residential market has taken a hit. According to property consultancy firm Knight Frank India, residential sales in the city dropped 33 per cent in 2013 compared with 2012. This is also reflected in the investment appetite.
