To whatever extent are Bob Dhillon and his Canadian real estate company, Mainstreet Equity obscure in India, the company is already credited to have possession of over 6,000 rental properties across Canada. Why is Bob Dhillon in news then? Well, the Canada-based NRI billionaire is all set to have a share of India’s revitalized and burgeoning realty sector. It has been learnt that Bob Dhillon is on the verge of establishing a billion dollar India-specific real estate fund in order to score its entry into the Indian real estate market.
The first and foremost target of this Canada-based NRI billionaire is the Indian state of Haryana owing to its immeasurable realty market. He, hence, has already had talks with Haryana Chief Minister Bhupinder Singh Hooda in detail. What has been the outcome? Haryana CM has made sure that Dhillon would get full endorsement of the state government just in case he pays money for land.
The next info may depict Bob Dhillon’s endeavor and eagerness more. He, in conjunction with a Canadian delegation headed by the Canadian Prime Minister, had a series of meetings with Prime Minister Manmohan Singh and Planning Commission Deputy Chairman Montek Singh Ahluwalia. “With the North American market stagnating, India is now the most attractive market for real estate and we are aiming at almost a billion dollars, which will be deployed in tranches over next three years,” said Dhillon.
It has also come to the knowledge that Mainstreet is contriving to raise funds in the shape of institutional capital from Canada, and some other markets where it has a strong presence. As per Mainstreet Equity, it would take a look at paying money for distraught assets and an entity level joint venture with an Indian firm.
“This is a strategy we have always adopted while entering new markets. We may have a partner for India also and we have already begun our due diligence,” said Dhillon.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.