The Malaysia’s Selangor State Development Corporation (PKNS) has forayed into India’s real estate sector and is close to concluding a deal with a leading developer to build affordable houses in Mumbai.
The Selangor state investment arm expects to soon sign a memorandum of understanding (MoU) with Tata Realty and Infrastructure Ltd (TRIL) towards launching the affordable housing project in the sprawling capital.
“We had very promising talks with Tata to build 1,000 affordable homes in the outskirts of Mumbai and we hope to sign an agreement by year end. These are houses for workers in the industrial growth areas and it is our first project in India, a major breakthrough for PKNS,” Norzila Sidek, Head of Business Development in PKNS, told reporters in Mumbai.
Norzila is leading a delegation to the ongoing “Showcase Malaysia” exhibition organised by Malaysia External Trade Development Corporation in Mumbai.
The Indian real estate sector is booming at 30 per cent annually and currently estimated at US$14 billion (RM44.8 billion), and forecast to hit US$102 billion (RM326 billion) by 2017. Residential properties are in high demand in fast expanding metropolises, which are propelled by the growing affluent Indian middle class population, estimated at about 330 million.
“We are also looking at township development in Mumbai. We have years of experience in building affordable houses and township developments in Malaysia. We will offer our expertise,” added Norzila.
Over 40 Malaysian companies are participating in the three-day trade expo in Mumbai.
