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India Forbes global properties to develop 11 million sq ft across Mumbai, Delhi and Goa

India arm of Forbes global properties is looking to develop about 11 million sq ft of residential and commercial real estate across Mumbai, Delhi, Goa and acquire stake in brokerage firms to expand its business in the country.

India Forbes global properties is an extension of Forbes global properties where developers or other real estate executives can take membership.

“The property business of the company was launched in December 2020 and we had interest in India from the very beginning. The nation’s burgeoning markets present unlimited opportunities for discerning buyers and investors seeking ultra-luxurious homes, coveted estates, and premium developments,” said Michael W Jalbert, CEO, Forbes Global Properties.

India Forbes Global Properties has tied up with the JV of Orange Smart City in Navi Mumbai for development of 1200 acres of land. The project will see a building of up to 10 lakh crore square feet amounting to Rs 1 lakh 20 thousand crore.

“We have partnered for first 100-acre of the project which will have a development potential of 9 million sq ft. We have planned residential and commercial development in the project and we will invest in it,” said AK Sharma, chairman, India Forbes global properties.

The company is also in the final stages of signing an agreement for a 7-acre plot in south Delhi with high end retail street, club and a luxurious hotel, spread across one million sq ft. “In addition, we are also in discussion for a villa project in Goa. The target for this year to start these three projects and on the lookout for more such projects,” said Sharma. The platform will connect high-net-worth individuals, investors with some of the most coveted and distinctive properties in the country.

In India’s 14 Tier 1 cities, including Delhi, Mumbai, Hyderabad, Bengaluru and Chennai, there have been 4.13 lakh new launches, out of which there were 14,754 luxury projects (per unit more than Rs 5 crore) and almost all had immediate takers.

Luxury projects make nearly 4% of the total launches.

Besides entering the luxury and super luxury segment the Forbes global properties in India will either get a stake or buy out brokerage firms. India Forbes global properties will also have different verticals – development and management of properties, advisory, financial services, facility management, hospitality services, event and recognition services.

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