New York based Citigroup Property Investors (CPI) is planning to invest $500 million to build assets in Indian property market.According to David Schaefer, managing director and head-Asia pacific, CPI, the company is looking at investing in the hospitality and residential sectors in addition to creating office space in tech-parks. "The funds being brought to India are being utilised for creating a quality land bank in major cities and also to invest in specific projects undertaken by builders," he added.Since the country is facing a shortage of quality hotel rooms in major cities, the company is planning to bring in funds to build quality assets which thereby bring in global hotel brands."Of the committed $500 million to India this year, nearly 40% is being reserved towards the hospitality sector to build hotels and service apartments in tier II information technology cities," he said.The company since May 2005 has invested $250 million in building real estate assets in residential and hospitality sectors in Chennai, Bangalore, Pune, Delhi and Hyderabad.Nitesh Estates partners Citigroup for luxury hotelBangalore-based Nitesh Estates is partnering New York-based Citigroup Property Investors to develop a luxury hotel for $100 million. For the hotel management, the company is in talks with three of the top global hotel chains.Making an announcment today, Nitesh Shetty, managing director, Nitesh Estates said: "Citigroup Property Investors has partnered us to build the hotel, a 250-room luxury hotel set to come up on Residency Road in Bangalore.""The project is an integrated one having high-end retail stores on the ground floor and a health spa on top of the building. We will finalise the management chain in 3-4 weeks," he added.The hotel is being designed by an architects firm based in California and is to be operational in 30 months.David Schaefer, managing director Asia Pacific, Citigroup Property Investors said, "We believe the real estate sector in Bangalore has a tremendous growth potential. We have identified Nitish Estates as one of the fastest growing property developers in India."
