Inno to invest $150 mn in India

Inno, a global investment group focused on real estate, is planning to invest around $150 million (Rs 690 crore) in various residential projects in the country in the next six to seven years. 

Speaking to reporters at the launch of Inno Geocity, a Rs 750-crore flagship residential project to come up in the industrial belt of Oragadam near here, Rajamannar Ramaswamy, group managing director, Inno Group Holdings Limited, said the company had raised $200 million (around Rs 920 crore) so far and had invested $50 million in three projects including a hotel project and residential projects in Chennai, and a villa project at Coimbatore.

Inno Investments has raised four India-focused real estate private equity (PE) funds and funded six projects in India with a total gross development value (GDV) of Rs 2,600 crore, involving development of over 14 million sft.

“For every project, we are going to investors for money. This model suits the company and the investors,” Ramaswamy said. “So far, we were investing in projects and were operating in joint venture model. Since we got the expertise now, upcoming projects will be undertaken on our own.”

Commenting on the Inno Geocity, Sajid Sathak, managing director, Inno Geocity, said this would be a self-contained township with a GDV of Rs 750 crore and will be spread over 131 acre with four million sft of built-up area. The project will be developed in phases over the next four to five years with around 4,000 dwelling units. Phase-I with 1,000 units would be ready in the next 18 months, he added.