Indian real estate company Sandal Lands enters Sri Lanka with $10 mln investment
View(s):One of India’s leading real estate companies, Sandal Lands has entered Sri Lanka with an investment of US$ 10 million. The company is in discussions with the Urban Development Authority of Sri Lanka, said Sanjay Kathuria, Director of Sandal Lands at a media briefing in Colombo last week.
Mr. Kathuria said, “The initial phase of the investment will be US$ 10 million and later on we will go up to US$ 25 million.” Recently the company partnered with the government of Maldives and Sri Lanka is the second international market for Sandal Lands, he added.
Sandal Lands is a 100 per cent Foreign Direct Investor which is in the evaluation process of mid segmented housing demand. “Our main focus is on housing and we come out with the best innovative product. We are very cautious when selecting an area in Sri Lanka not to mention that Colombo is our target area. We are also looking at opportunities in Kandy and Galle that are emerging with rapid infrastructure development,” noted Mr. Kathuria.
“Within three months we will tie up with one of the contractors in Sri Lanka. Employment opportunities will be created during the construction period of two to three years at managerial and executive level depending on the size of the project,” he added.
Sandal Lands is operational in all key segments of real estate residential, commercial, hospitality and retail sector. The company’s operations include various aspects of real estate developments such as land identification and acquisition, project planning, designing, marketing and execution.
The company boasts of continuously creating meaningful developments which stand apart in terms of their uniqueness and usefulness to the end user. Moreover, the company’s residential developments are a landmark in their area and boasts of housing over 2,000 happy families. (RM)