Nagpur excited over UK realtor's interest

The city is abuzz with news of a team from Britain?s real estate major Liberty International, led by its Managing Director Ian Hawksworth coming here to attend an exclusive presentation on the city by Municipal Commissioner Lokesh Chandra.

The rising property prices are expected to shoot up further on rumours that the British company might invest in the growing city or its suburbs.

"We expect property prices in and around the city to move up at least 20-25 per cent on Wardha Road and a little less on other trunk routes if the company even expresses a desire to invest here," said property dealer Mahesh Jagurkar.

Hawksworth was accompanied by Managing Director of Provogue Nikhil Chaturvedi and admitted being led to Nagpur by Chaturvedi who is keen on developing the city in a big way. Liberty International has assets worth 8.2 billion pounds ($17 billion) to its name. It also has a 25 per cent stake in Prozone, a 100 per cent subsidy of Provogue.

"We are on a fact-finding trip to Nagpur as our partner company Prozone was upbeat on this city," Hawksworth told a local newspaper.

Hawksworth said that he found the city much better organised than the other developing cities of India. "I have been to Jaipur, Indore, Aurangabad, but somehow Nagpur has impressed me the most," he said. Liberty International is known for its prime properties in Europe and is mainly into big-format shopping malls.

"Our malls have a large expanse and have everything including cinema theatres, five star hotels, shopping centres, entertainment and leisure zones, food courts among others," he said.

Liberty International also features among the top 100 companies of UK according to a survey by Financial Times. Hawksworth praised the city as having a huge economic and educational base and a strategic location to its advantage. These, he remarked, are good factors for business 30 years down the line.

Hawksworth and Chaturvedi were accompanied by Seek Ngee Huat, who is the President of Singapore-based GIC Real Estate. GIC is also among the biggest real estate companies of Singapore.

The team also visited the MIHAN command area. However, a local MADC official said that they were on a familiarisation visit to the area and had no serious plans for the SEZ.