Foreign players have committed around US$5 billion, while domestic developers are likely to bring in US$2 billion in phases. Realty developers say easier land acquisition and registration norms in states are the main reason for the spurt in investment.Some of the big projects likely to take off soon are the 10,000-acre special economic zone (SEZ) in Navi Mumbai, being built by the Hiranandani Group in association with the Singapore-based Jurong Consultants, the US$500 million Quarkcity in Mohali and the US$3 billion Royal Garden project in Bangalore, being built by the Vancouver-based Royal Indian Raj International Corporation (RIRIC).
"The SEZ in Navi Mumbai, which will include residential houses and plots, an IT park and retail and commercial complexes, will see an investment of about US$2 billion in the first phase. We are in talks with other foreign players and the project will get more funding after the first phase becomes operational in two years," Surindar Hiranandani, managing director of the Hiranandani Group, told Business Standard.
Other projects that are expecting funding include the US$150 million IJM-Andhra Pradesh Housing Board project in Hyderabad, the US$350 million IJM-Punjab Urban Development Authority in Mohali and the US$115 million Lee KimTah-SPICOT project in Chennai.As per the estimates of the Confederation of Real Estate Developers Association in India (CREDAI), the total investment in the sector in the next 12 months can be around US$5-6 billion.
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