03 February 24
Co may buy stakes in property brokerages to expand business in growing markets.
New Delhi: Forbes Global Properties plans to develop about 11 million sq ft of residential and commercial real estate across Mumbai, Delhi, and Goa, and acquire stakes in property broke- rage firms to expand its business in India’s growing market for luxury homes, according to senior company executives.
Forbes Global Properties operates in India through its arm wherein developers or other re- al estate executives can take membership.
“The property business of the company was launched in December 2020 and we had interest in India from the very beginning. The
nation’s burgeoning market presents unlimited opportunities for discerning buyers and investors seeking ultra-luxurious homes, coveted estates, and premium developments,” said Michael W Jalbert, CEO, Forbes Global Properties. India Forbes Global Properties has formed a joint venture with Orange Smart City in Navi Mumbai to develop 1,200 acres entailing a total investment of 1,20,000 crore.
“We have partnered for the first 100 acres of the project which will have a development potential of 9 million sq ft. We have planned residential and commercial development in the project and we will invest in it,” said A.K. Sharma, chairman, India Forbes Global Properties.
The company is also in the final stages of signing an agreement for a 7-acre plot in south Delhi and developing a high-end retail street, club and a luxury hotel, spread across one million sq ft.