US realty firm enters India with Rs 100 cr investment

California based INC Developers has entered the heavily slowed Indian real estate market with a super luxurious apartments scheme worth Rs 100 crore, which it would jointly develop in Pune with Amar builders over next 24 months. The super luxurious apartments with 6,500 square foot size each, would be priced between Rs 5 crore and Rs 6 crore.

INC Developers, incorporated three years back in California, have completed more than 30 residential projects worth more than $ 400 million. The newly announced project titled ‘Manhattan’ is its first entry in the Indian real estate sector. Speaking to reporters, INC Developers executive director Jay Kinra said, “Although the Indian real estate market has slowed down, it will have a temporary effect. And we are building super luxurious apartments, which would be sold very easily.”

The Manhattan project would have 18 apartments altogether, which would be customised as per the needs of the buyers. “We have already sold ffour apartments as people prefer to buy a Rs 6 crore flat as against a Rs 10 crore bungalow,” Kinra added.

The INC Developers are also setting up a 50,000 suqare foot huge commercial complex in Baner region. The complex would be launched in another six months and would be ready in 2011.

“The commercial complex would also be in the hi-tech luxurious segment. Considering the services and IT sector growth in Pune, this project also would receive a good response,” Kinra added.