Mangalore: Oman Fund to Pump Rs 620 Crore to Boost City Realty


Mangalore: Oman Fund to Pump Rs 620 Crore to Boost City Realty
Daijiworld Media Network - Mangalore (SP)

Mangalore, Sep 12: A sovereign fund of the Sultanate of Oman is learnt to have decided to invest about Rs 620 crore ($125 million) in Mangalore-based realty developer, Mohtisham Estate’s proposed 300-acre township.

The deal is said to be the largest ever investment by a single entity in tier-II cities of the country.

Oman Investment Fund will be picking up 50% stake in Mohtisham Estates, a joint venture planning to develop roughly 18 to 19 million square feet project on the highway from the city to Bangalore. S M Arshad of Mohtisham has confirmed that Oman Sovereign Fund has taken a stake in their project, without going into further details.


S M Arshad

Mohtisham has been in reality business since about the last two decades, with established ties in the Gulf region. It is said that several Middle East sovereign funds are on the look out for opportunities to invest in real estate and infrastructure sector in the country.

The said investment will come in a phased manner and it can exceed the above figure, sources said. The work in the project is likely to start during he next year, and the entire project is scheduled to be completed in eight years. The first phase of the project might be ready for market in three years. The township will have residences, malls, schools, hotels and a special economy zone, it is learnt.

Optimists believe, that the city, where Mangalore Refinery and Petro Chemicals has invested heavily for its expansion project and where special economic zone is slated to come up, will witness a boom with the said investment.


 

  

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Comment on this article

  • alwyn rasquinha, mangalre/kadri

    Wed, Sep 16 2009

    dear ARSHAD All the best for your good project

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  • C.J.Dantis, Kadri M''lore-Kuwait

    Sun, Sep 13 2009

    All the invester''s welcome to Mangalore. International Airport, Sea Port,land transport and Rail transport facilities available only in this area.Go for it.!!!

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  • Stany Dsouza, Mumbai / Miyar

    Sun, Sep 13 2009

    I have read about this article in Economic Times, Mumbai too. I wish all the success to Arshad & his future projects.

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  • Naveen Shetty, Mangalore/Dubai

    Sun, Sep 13 2009

    Any investments in the Real Estate are good for the economy. But we need to see the background of the transactions here as the project involves the development of around 300 acres of land. Most of the real estate transactions are very shoddy and developers are trying to avoid capital gains taxes through many ways. And the authorities also should ensure that land mafia backed by these developers is not involved in acquiring the land at below market prices as it was done in Calcutta by promoters of Vedic Village. There should be a proper background check of the investors as there is a chance that the terror funds are routed through these states.

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  • TOUSIK AHAMED TARAPATI, BYNDOOR/DUBAI

    Sun, Sep 13 2009

    DEAR ARSHAD MAY ALLAH(SWT) BLESS YOU BENOVELENTLY IN ALL YOUR ENDEAVOURS

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  • Nazeer Adil, Pane Mangalore/ Riyadh

    Sun, Sep 13 2009

    Dear Arshad, Without looking for the publicity you have done alot to Mangalore. I wish you all success for your Mega project. Hope lots of youth from Mangalore will benefit out of it. May God Bless You.

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  • Saleem GH,Amchinadka, Puttur/ Abu Dhabi

    Sat, Sep 12 2009

    Dear Mr. Arshad. Good luck for your future venture.. Allah bless You ameen

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  • SHASHIKAR SHETTY, CHITRAP/MULKI/DUBAI

    Sat, Sep 12 2009

    Dear Arshad, Wish you best of luck.

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  • Antony Crasta, Mangalore/Sydney Australia

    Sat, Sep 12 2009

    Mangalore has been, for years long, and still is, an excellent hub and city, which produced and still produces, many educated and talented youth and work force, but due to lack of local employment opportunities, thanks to the Karnataka and Central Government and their policies of neglecting this great city when it came to putting up some factories or other allied infrastructures/projects that provided jobs, all along, these youth had to (and still have to) move out to other places like Mumbai, Bangalore, Chennai or Pune, or even abroad, to the Countries of Middle East or elsewhere, to earn their living, and it`s heartening to note that, finally, a great project like Mohtistam Estate is coming up, which, hopefully, will generate a lot of employment opportunities for the local people, and ultimately, benefit Mangaloreans.

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  • Indiresh, Hejmady / UAE

    Sat, Sep 12 2009

    Congrats and all the very best Arshad.

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  • Donald Dias, m'lore/valencia

    Sat, Sep 12 2009

    very happy there will be a lot of development.

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  • Jawar D''Souza, M''Lore/Doha

    Sat, Sep 12 2009

    This will be good for M''lore.It certainly create job opputunities, growth in the infratructure boom in real estates etc etc.

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  • J. HENRY D''SOUZA, Mangalore.

    Sat, Sep 12 2009

    Oh! Nice! Wish you all the success Mr. Arshad, Mr. Saud & M/S Mohtisham

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  • Ali Haroon, Saudi Arabia

    Sat, Sep 12 2009

    Dear Arshad, Wish you best of luck in this huge project. Whatever you do for the upliftment and prosperity of Mangalore is most welcome. We Mangaloreans are proud of you people.

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