Indian realty majors join hands with foreign retail players
Indian real estate is witnessing a tough competition both internally and externally. Foreign retail players are rushing to step in the Indian realty sector and at the same time, the domestic real estate developers are trying to reach out to them.
The domestic retail developers reported that they are trying to build the retail chains with the foreign retail industries according to the front-end, back-end and commercial requirement of the foreign retail majors.
| Indian Developers | In talks with Foreign Developers |
| Supertech | IKEA, other multi- brand players |
| Raheja Developers |
Developers Tesco, Woolworths, Sainsbury’s |
| AMR Infra | With major foreign brands |
The Noida-based developer, Supertech, join hands with Swedish furniture maker IKEA and are looking for places in Noida and NCR for their new projects ‘Upcountry’ in Greater Noida and Sports City’ in Meerut. The Foreign Investment Promotion Board (FIPB) has approved the euro 1.5-billion foreign direct investment proposal of IKEA.
The chairman and managing director of Supertech, R K Arora says that the Swedish chain wants a large-format standalone store and not space in malls.
Raheja Developer, another Indian real estate company, is trying to tie up with players like Woolworths from Australia and the UK’s Sainsbury’s and Tesco. They are going to customize the stores for the foreign brands. Raheja developers already have five license for commercial project, which will help the demand to increase in retail industry in India.
Few more real estate companies like AMR Infrastructures Ltd, Mantri Realty are still on the way to decide which foreign brand they will join. Developers like DLF and Unitech denied to have any such policies commitments with any foreign brands.
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