Landmark, part of the real estate investment group of the Dalmias, has entered a mixed-use development project in Tirupur, in the southern Indian state of Tamil Nadu. The project envisages 20 acres of residential, retail, commercial & hotel development with a built up area of 1.9 mn. sft., resulting in an estimated revenue of approximately USD 140 million. Landmark has taken up a 25% stake in the project, which is being set up by Prime Textiles, one of the reputed industrial groups in Tirupur.
Tirupur is widely considered the “Manchester of India”, and accounts for $3 billion of knitted apparel export. Prime Textiles, manufacturers in textile sector who recently forayed into real estate, has in its fold an ideal land situated in the heart of the city that will be put to use for the project. The first phase of realty development by Prime Textile is at an advanced stage of progress.
The development will comprise residential apartments, office towers, a shopping mall and a four-star hotel and will be completed in four years. The spurt in demand added to which the brand premium enjoyed by Prime Textiles Limited locally with its textiles business spanning to over 70 years, create an ideal opportunity for the project.
Landmark Holdings currently has a portfolio of 21 projects, with an estimated total sales value of USD 6 billion. It is now looking aggressively to expand in tier-II cities in southern India.
Source: Press Release