While the Canadian real estate market has seen incredible growth in the past several years, it is being eclipsed by the growth in one of the fastest-growing economies in the world — India. With Vancouver-based Manoj C. Benjamin's Royal Indian Raj International Corporation (RIRIC), Indo-Canadians have an opportunity to benefit from the massive Indian real-estate boom and to be part of an exciting new vision of modernised real estate in India.
The son of immigrants, 44-year-old Benjamin is a highly successful local businessman who has taken some of the wealth he earned in Canada and invested it in India. When India opened its economy to the world in 1991, Benjamin started on the path to realising his vision: to build communities that would stand out on the world stage as being progressive and of the highest possible standards. Today, that dream is becoming a reality — RIRIC is on the forefront of developing first-class resort communities and modern satellite cities under its Royal Garden City, Royal Garden Villas & Resorts and hotel brands.
“We see the integrated township/city format as a key driver of future housing supply and as a catalyst for the much-needed infrastructure investments in the rapid urbanization of India.”
A US$10B program, approved at the highest level.
Over a projected 12–15-year program, RIRIC will inject an estimated US$10 billion into its premier developments under the Royal Garden Cities banner and the Royal Garden Villas & Resorts brand. The first phase of the US$8.97 billion flagship — approved by India's Foreign Investment Promotion Board — sits outside Bangalore, in close proximity to the new international airport. The 6,000-acre development begins with 3,000 acres and includes 13.59 million square metres of built-up space, making it one of Asia's largest new-city developments to date. Further phases are planned in Mumbai, Delhi and Kolkata.
According to Anil K. Agarwal, President of ASSOCHAM (Associated Chambers of Commerce and Industry of India), leading international investors like Royal Indian Raj International, Blackstone Group, Goldman Sachs, Citigroup Property Investors, Morgan Stanley and GE Commercial Finance Real Estate are showing keen interest and establishing their presence in Indian real estate.
“Royal Indian Raj International Corporation has been named the leading FDI real estate developer in India.”
Royal Garden Villas & Resort, Bangalore.
Meticulously planned and artfully crafted, Royal Garden Villas & Resort at Tuscany Hills is an exclusive, private, gated residential resort community tucked in an idyllic haven away from the hustle and bustle of Bangalore. Beyond spacious apartments, townhouses, penthouses and villas, the property offers the five-star, 250-room Royal Palace Hotel, a chateau and winery, an Old-World village square with international shops, the Vijay Amritraj Signature Tennis Center & Academy, and an equestrian centre. A subsequent phase features a Jack Nicklaus Signature 18-hole championship golf course surrounded by luxury villas.
“RIRIC's project is the first of its kind that I have seen in India that aspires to provide the quality and amenities of international standards.”
The world's second-hottest property market.
The Bangalore property market trailed only London as the world's leading real-estate hot spot. The Indian Census Bureau projected Bangalore would gain three million new residents by 2012, up from a then-population of six million. Property values were rising as much as 70 percent in twelve months, prices doubling every three years — and RIRIC was positioning the country's first internationally benchmarked, fully integrated townships ahead of the wave.
When completed, RIRIC's first Bangalore city will be home to between 300,000 and half a million people who will live, work and play across 146.36 million sq.ft. — 35,000 homes, business, medical and entertainment districts, parks, restaurants, shopping, schools and civic amenities. Approximately fifteen times the size of Canary Wharf in London.
— Excerpts from Mehfil Magazine, 2007. Full 5-page reproduction below.
