Topland and Duet Group and Indian residential developer South Asian Real Estate (SARE) said they have bought seven development sites in India spending almost 70% of the £200m raised to invest in residential development.
The joint venture has bought a total of around 800 acres of land in and around tier 1 suburbs and tier 2 and 3 cities throughout India which will allow it to create around 31m sq ft of property with an end value of around £900m.
SARE has already begun enabling works on one residential township scheme in the NCR region and said it plans to begin construction on all its projects before the end of the year. It added that it would ‘deploy more capital as the market slow down is providing opportunities for land banking at attractive prices representing real value’.
Anuj Gupta, founder of SARE, said: ‘SARE is well on the way of becoming the leading developer of communities for middle class India. We are building a robust execution capability in India that will enable us to deliver quality housing at affordable prices.'
Rob Clayton, director of structured finance at Topland, said: ‘SARE's performance to date is encouraging and we look forward to supporting them as strategic partner over the execution phase of their Indian strategy and in land banking, utilizing Topland's strong liquidity position.’