RIRIC to invest $1 bn in Indian real estate

US based Royal Indian Raj International Corporation is drawing plans to invest a whopping $1 billion in the construction of integrated townships, multiple, private, planned cities in India.

Partnering with the Greenwich Group International, a New York
real estate investment banking firm, the company is developing
a residential complex on the outskirts of Bangalore.

The next investment destinations will be Delhi, Mumbai, and
Kolkata, where the company will soon come up with large scale
commercial and residential townships.

The development is believed
to generate a large pool of job opportunities to almost 10,000
people and indirect employment to some 40,000.

The country is also making rapid strides in the retail sector
and likely to witness the construction of almost 250 shopping
malls by 2008.

With the government allowing the foreigners to bid for real
estate projects in India with local partners, the market is seeing
a multitude of international builders who are waiting to make
large investments in potential projects.