FDI in real estate development is making inroads in Indore, as a Rs. 750 crore project was signed up on May 9, by property builders K.M. Jhaveri and Fire Capital. The high value residential project, Silver Springs will cover 137 acres on Bypass road with a built-up area of 6 million sq. ft of residential and commercial space.

The Madhya Pradesh government is actively supporting FDI funding of real estate projects in the state, with the Chief Minister personally committed to canvassing for foreign funds.

The Silver Spring township will bring international living standards to this prosperous city which has seen large scale growth of industry in the last decade.

The IT industry is showing promising trends, and the project hopes to accommodate the 25,000 employees that will be inducted within the industry.

The project itself would create jobs for at least 12,000 skilled and semi-skilled workers during the 4-5 years of construction.

The serviced township will offer several choices for residents - from independent bungalows, to row houses, high rises, terrace cottages and independent villas.

Architects from the UK, RMJM, have been commissioned to design the luxury project. Townships are also being planned along similar lines in Bhopal, Gwalior and Jabalpur.

The investor, Fire Capital has a parallel foreign capital component with a target size of USD 30 million. Its funds have been raised from within India from high net worth individuals. The fund is targeting a return of 30% for its investors.

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