Millennium Post

Japanese realty giant debuts in India; to invest Rs 6,000 crore

Japanese realty giant debuts in India; to invest Rs 6,000 crore
Tama Home has an annual sales of Rs 10,000 crore and builds 10,000 homes a year, while its partner Singapore-headquartered Developer Group, a 100 per cent FDI company, is engaged in the Indian real estate. Developer Group is promoted by Japanese investors  but managed by Indian professionals. To start with, Japan’s Tama Home and Singapore’s Developer Group, will jointly build three housing projects, including two townships, having about 3,500 housing units, in Ludhiana, Visakhapatnam and Chennai.

‘India has tremendous potential for growth in housing. We have found a reliable partner in Developer Group to enter into the Indian market. We want to replicate Suzuki story in India,’ Tama Home President and CEO Yasuhiro Tamaki said.

Tam Home will bring the earthquake-proof technology to the Indian realty market. Asked whether the decision to enter India was taken after Indian Prime Minister Narendra Modi’s visit to Japan, he said: ‘It was planned a year ago but the process was expedited after the PM’s visit.’

Commenting on the tie-up, Developer Group CEO David Rebello said: ‘Our main focus will be on housing segment but we will do other projects as well.’ The project cost would be funded through equity and domestic debt, he added. The joint venture will launch two township projects in the next four months at Ludhiana and Visakhapatnam. By middle of 2015, it will come up with another housing project in Chennai. Tama Home will have a stake in the Developer Group, which in turn will have stake in Tama Home Indian arm.
Next Story
Share it