The boom in the Indian real estate sector is even catching up fast in the southern part of India. After two major deals that Chennai real estate saw that of Shyam Kothari’s and the HTL-AIG recently, its now the turn of former Morgan Stanley chief, Craig Phillips, who head towards south India scouting for real estate properties.

Craig has launched a fund called Ptarmigan Capital Investment Fund to explore the emerging real estate opportunities in south India.

The newly launched fund’s Indian office will be headed by R.V.S. Rao, former HDFC executive director, and will have its office in Bangalore while its other offices is in Stamford and Connecticut.

Talking about its entry into the southern India’s real estate industry, the firm said it’s optimistic about the growth in the residential and commercial real estate sector of south India with huge wealthy educated and growing middle class base.

However, talking about surge in real estate rates in Bangalore, Chennai and Hyderabad in the recent years, experts said that it’s all directly linked with the growth in software, pharmaceutical and automobile industries.

These days, it’s Chennai’s real estate sector, which is in the news for its landmark real estate deals.

First, it was AIG Real Estate Fund along with the Bangalore-based RMZ Corporation that got the ball rolling with its mega deal of Rs 298.10 crore for an 11-acre plot at Guindy that belonged to Hindustan Teleprinters, a subsidiary of HFCL.

Then, Shyam Kothari, brother-in-law of Mukesh Ambani, took the real estate rates of Chennai to a new high with its deal of IDBI’s 2.5-acre Boat Club property in Chennai for a whopping Rs 175 crore. Interestingly both the Chennai deals were managed by international property consultants Jones Lang Lasalle.

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