Topland, Duet, SARE Move to the Next Stage of Indian Venture
- Apr 11, 2008
South Asian Real Estate Ltd., or SARE, the Indian residential real estate developer partnered by Topland and Duet Group, has committed almost 70 percent of the $317 million of its funds to buy seven land parcels in India, it has reported. The land totals 800 acresPlans call for the property to contain 31 million square feet of developed real estate, ultimately worth approximately $1.4 billion. SARE has begun the process of permitting for one residential township at this point. Construction on all projects is slated to begin before the end of 2008. According to Rob Clayton, director of structured finance at Topland, SARE’s performance to date is encouraging and Topland’s liquidity should help it to bank the land needed and execute on construction. Henry Gabay, founder and co-chairman of Duet added a statement that it is the focus on residential development in secondary and tertiary markets in India that has proved the right choice. SARE’s focus in to develop communities for middle class India. It focuses on the high growth middle class residential sector in and around major market suburbs and secondary and tertiary market cities.