Bob Dhillon's dream of a Township for aging Punjabi NRIs near upcoming international airport off Chandigarh
Canada-based NRI billionaire Bob Dhillon is considering investing up to $100 million (about Rs. 540 crore) in the Indian real estate market and is planning to approach the Haryana government for developing a township near Chandigarh.
Dhillon, the president and CEO of realty firm Mainstreet Equity Corp, is visiting India as part of the business delegation accompanying Canadian Prime Minister Stephen Harper.
"I am looking at Haryana, more specifically areas adjoining Chandigarh, for development of a township. I am in the process of discussion with the state government," he said.
Dhillon, whose family hails from Tallewal village in Barnala district of Punjab, noted that the aging population of Indian diaspora in Canada -- most of them hail from Punjab -- is looking for a second home in India. The planned project would be near the upcoming international airport.
On likely investment, he said: "Under the right circumstances, we would consider investing $25-100 million in India."
He has already announced plans to develop a township off Chandigarh and has hired a consultant to look for business opportunities in what he calls B cities of the country - and that includes Ahmedabad, Kochi, Hyderabad, Pune, etc.
Japan-born Dhillon, who is considering investing up to Rs 540 crore in developing a township near the upcoming international airport off Chandigarh.
Asked about the Indian market, Dhillon said: "India is a developers' dream because of its demographics, migration from rural to urban areas and collapse of the joint family system."
Stating that India needs institutional capital to deal with the rising housing demand, he said the government should make changes in laws to attract foreign investment. The clarity in ownership rights, easy repatriation of capital and pragmatic landlord-tenancy act are required for the easy inflow of institutional capital, he said.
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