News & Views on Indian Real Estate

Wednesday, June 11, 2008

LIC Plans To Acquire Land Worth Rs 2, 000 Crore

Life Insurance Corporation of India (LIC), which is among the largest property owners in India, is planning to acquire land worth Rs 2,000 crore this year to develop commercial and residential complexes. This will be in addition to the Rs 1,100 crore it spent last year for purchasing lands across the country. The public sector insurance giant has identified Kolkata, Jaipur, Agra, Vishakhapatnam and Bangalore as possible cities where it may acquire land and develop it. The insurer is next only to Indian Railways in terms of property ownership in the country and, at present, it holds 1,708 properties in the country which are estimated to be worth around Rs 20,000 crore.