MUMBAI: The Hinduja group has consolidated its real estate assets under one entity and plans to rope in overseas firms for developing over 30 million sq ft of property in different parts of the country.
Aasia Properties Development, fully owned by the Hindujas, will be the holding company for all the group’s real estate ventures. Its 100% subsidiary, Aasia Realty Ventures, will implement all FDI related ventures while Ashok Leyland Properties will focus on development planning, project management and design.
Aasia Properties Development owns 88.5% of Ashok Leyland Properties while 11.5% is held by Ashok Leyland, group companies and individuals. Aasia also owns the 33% stake in JW Marriott through Juhu Beach Resorts.
Sources said Gulf Oil, Hinduja TMT will enter into joint development of excess land near their factories and offices with Aasia Properties. The land will be jointly owned by the companies and Aasia, and revenue will be shared. The actual development, property management will be left to Ashok Leyland Properties. Cushman & Wakefield have valued the 30 million sq ft at Rs 4,200 crore over four years.
The Hinduja group is also looking to rope in overseas property management firms into buying a 20-40% stake in Ashok Leyland Properties. Group sources said that two firms are in talks with the group and that a transaction will be concluded in a month’s time.
The Hinduja group’s move comes at a time when the real estate market in the country is going through rapid growth phase and booming demand but is also under regulatory glare due to concerns of a bubble
http://economictimes.indiatimes.com/Markets/Real_Estate/Commercial/Hindujas_consolidate_realty_business/articleshow/2078290.cms
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