Centre`s nod for Chennai Metro Project Soon

The Centre will soon give its nod for the Chennai metro rail project and help the Tamil Nadu government introduce a bus rapid transport system in Chennai and tier II cities like Coimbatore, Tiruchi and Madurai. The Centre is in touch with the Tamil Nadu government and the Rs 10,000-crore metro project for Chennai will be sanctioned soon.

Rakeen, Trimex to invest $5bln in India

UAE-based real estate company Rakeen and Chennai-based mineral firm Trimex Group have formed a 50:50 joint venture company – Rakindo Developers – which would invest over $5 billion in India’s real estate sector over the next five years. Rakindo Developers plans to develop over 50 million sq ft of residential, commercial and office space.

Israeli real estate firms to invest $400mn in Chennai

Two Israeli real estate firms will jointly invest $400 million in developing a residential and commercial project in Chennai. Electra Real Estate Ltd and Property and Building Ltd are in negotiations to buy a 37.5 acre plot in the southern metropolis zoned for a 426,000 sq mtr residential and commercial project for $58 million.