“Club of Knowledge Hunters”

European flavour in Indian curry

Posted by superstar23 on September 21, 2008

It might well be doom time for American economy with the fall of finance giants Merrill Lynch and Lehman Brothers.

The shocker might even be the biggest since the Great Depression of 1929. It might also be perceived as a result of bad mortgage finance and real estate investments. Notwithstanding all prevalent odds, Indian real estate, will hopefully remain relatively untouched, what with global interest zeroing onto Indian shores (read – land). The Plaza Centers Group, a leading emerging markets developer of shopping and entertainment centres (with special focus on the Central and Eastern European region), has forayed into Indian realty with a bang.

Talking to DH Realty, and optimistic about entering Indian realty, on the eve of the Group’s formal announcement, Mr Ran Shtarkman, President and CEO, Plaza Centers N.V., said the Indian economy was booming. “We have long seen India as an exciting and significant opportunity for Plaza Centers. The country has experienced significant economic growth over the last seven years, which is expected to continue in the coming decade, and the Retail sector, in particular, is booming.” Eager to bring “something new to the Indian market”, he said, “We look forward to bringing the best in European designs to Indian retail and residential construction.”

Appreciating the willingness of Indian real estate companies to “learn and understand Western know-how”, Mr Shtarkman said such enthusiasm would translate into each joint venture project, with their Indian partners, in being a definite “win-win combination”.

Established in India for the past three years to understand the local dynamics, the Group will launch simultaneously, in the first half of 2010, the leasing of its first 10 western style “Shoppertainment” projects in six cities; Bangalore, Chennai, Cochin, Hyderabad, Pune and Trivandrum.

Bangalore: The project in (east) Bangalore involves more than 2.2 mn sq m, (24-25 mn sq ft of plinth area), in the form of a new township, that would be residential coupled with shopping and entertainment centres. Work would start in end of 2009 and would take around 6-7 years for completion.

Plaza Centers, along with its parent company Elbit Imaging Ltd., has already committed to projects with total investments of over INR 15,000 crore, in India. A figure that has, according to its CEO, tripled from its decision last year, to invest Rs 5,000 crore in the next five years in India.

The Group launched 29 shopping and entertainment centres recently, with 23 being in Central and Eastern Europe, and the remaining six in India. The projects would be joint ventures with Indian local partners. The other three mixed-use projects with parent company Elbit Imaging, would take off in Bangalore, Chennai and Cochin.

A little about Plaza Centers: Plaza Centers has been developing significant retail and leisure schemes in the Central and Eastern European (CEE) countries from 1996, and, till date, the number of malls it has developed, along with the malls under current development, exceeds 50 across nine countries. In the past decade, the group has developed, let, managed and sold various types and sizes of shopping and entertainment centres in eight different countries of the Central and Eastern European region, while having recently commenced operations in India as well. The Company is an indirect subsidiary of Elbit Imaging Ltd, an Israeli public company, the shares of which, are traded on both, the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States.

source:- deccan herald news


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