Bangkok, Thailand: Leading Thailand property developer, Pruksa Real Estate PLC, has unveiled ambitious plans to invest US$300 million in the Indian property market over the next five years.
The Thai developer is set to build property in major Indian cities such as Delhi, Mumbai and Bangalore under the company’s flag ship Indian brand, Pruksa India Construction Pvt. Ltd.
The news follows the success of the real estate developer’s first project in India, Pruska Silvana in Bangalore. The twenty six acre project, made up of 438 terraced houses and 321 villas, broke ground in 2009 and is scheduled for completion in May this year.
The company already own twenty five acres of land in Mumbai and it is likely this will be the site for their next property development in India.
“Demand for housing in India is strong and we think it’s a good investment for us. We want to bring in luxury living at affordable prices in India. Pruksa’s entry into India is a major milestone for us, as it has always been our dream to be a part of this country,” commented Pruska’s founder and chief executive officer, Thongma Vijitpongpun.
“Bangalore has a forward looking attitude, a population of various demographics and, most importantly, more than half the world trusts Bangalore for its software and the presence of some widely travelled people who will recognise quality when they see one,” he added.
The Thai real estate developer has also invested in Mumbai in a joint venture with Soham Developers and is building another project in Chennai with Mohan Mutha Infrastructures.
Pruksa is also considering new projects in Chennai, Hyderabad, Nagpur and Haryana.
“Our mission is to be the leading property developer in Asia and across the globe and at the same time, deliver superbly designed and perfectly executed living spaces at amazingly affordable prices. We intend to be intensely aware of the pulse of our customers and exceed their expectations every time,” Vijitpongpun concluded.
Pruska is keen to expand throughout Asia and already have an affordable housing project under construction in the Maldives. In addition the company is exploring opportunities in Vietnam and China.
Founded in 1993 Pruksa Real Estate PLC builds town homes, single detached houses and condominiums in city centre suburbs and surrounding areas.