News & Views on Indian Real Estate

Friday, June 13, 2008

Orbit Plans to Foray into Beachfront Projects

Orbit Corp is in talks with two international developers to form an alliance for a Special Purpose Vehicle (SPV) to develop beachfront projects. Orbit is currently looking to acquire land in Alibaug, Uran and Mandwa near Mumbai aggressively and is likely to invest up to Rs 2,000 crore in these projects over the next three years. The total investment is likely to be funded via a combination of private equity at the project level and contribution of the joint venture partner. The company is likely to develop villas, bungalows and luxury resorts under the beachfront development. Currently, Orbit Corp has 16 projects under development, out of which 13 are in the redevelopment segment, while three in the commercial segment. All the projects are in the premium segment and spread in the southern and south-central part of Mumbai.