On June 6th, aAIM India, a segment of the real estate equity investor aAIM Group, disclosed its inaugural investment involving a substantial 7 million square feet mixed-use development. This landmark initiative represents the first-ever Foreign Direct Investment (FDI) directed towards an Integrated Township compliant with the Special Township Policy, which empowers the development joint venture with considerable planning authority.
Set in the thriving city of Nagpur, located centrally within India, this £350 million project is poised to bring forth 3,000 residential units, with the construction for the initial phase anticipated to reach completion by late 2009. The entire undertaking is projected to unfold over a six-year timeline, with aAIM India asserting its position as the leading shareholder.
The role of strong local partners is vital for the triumph of real estate development ventures in India. Hence, aAIM India is thrilled to share that it has formed a joint venture with Aanya, a division emerging from Soham Real Estate. This firm boasts an impressive 25-year history, having successfully delivered 40 notable projects that encapsulate both residential townships and commercial structures. Soham is recognized for its robust systems that ensure timely and budget-conscious project delivery.
"This is a landmark day for aAIM India. We are very pleased to be partnering with Soham Developers; their consistent track record of success has been a significant factor in our decision to partner with them," expressed Anurag Chaturvedi, CEO of aAIM India.
Furthermore, he noted, "This is only the second development of its kind in India approved under a new progressive scheme of the Government. The commercial attractiveness of the proposed development along with the strong execution capabilities of our partner should provide investors with confidence in our ability to source opportunities that will continue to offer high risk-adjusted returns."