Financial institution IFCI is set to strengthen its foothold in the real estate sector. Following the successful launch of a serviced apartment project in Delhi, IFCI Infrastructure Development Ltd (IIDL) is slated to introduce three more similar projects in the cities of Lucknow, Guwahati, and Chennai.
In a strategic move to attract foreign travelers, IIDL has inked a partnership with Singapore’s Frasers Hospitality, which will oversee its serviced apartment property called Fraser Suites located in the capital city. IIDL aims to develop a total of two million square feet of space across these three locations.
Atul Kumar Rai, the CEO and Managing Director of IFCI, expressed that IIDL is ready to commence the development of serviced apartments at additional venues in the near future. He also mentioned that the company is keen on acquiring land through government auctions.
IIDL has comprehensive plans to create two million square feet of commercial real estate. The CEO of IIDL emphasized that should they encounter an appealing proposal for residential projects, they would consider the opportunity without hesitation.