Bullish Indian investor says he’s “unofficial” ambassador for Lanka

Ravi Jaipuria is not your normal foreign investor looking for quick bucks from investing overseas. Jaipuria, a mega real estate developer from India who is fashioning a state-of-the-art apartment complex in Colombo, loves Sri Lanka and is here probably to stay for awhile.

“I am extremely fond of Sri Lanka and would like to spend more time here,” he said at a recent meeting with a group of journalists in Colombo.

Jaipuria is bullish on Sri Lanka and believes there are many like him in India and the rest of the world, in spite of a conflict that has engulfed parts of the country.

“I am positive on investing here. You need a few more people like me from India to invest here (to turn around things),” he says, agreeing that he is like an unofficial ambassador for Sri Lanka “because I talk to others about the benefits of investing in Sri Lanka.”

His RJ Corp is putting up more than 360 super luxury high-rise condominium residences in the proposed 43-storey ‘Ocean View’ twin tower opposite Pizza Hut in Colombo 3. It is being touted as one the tallest building to adorn Colombo’s skyline. The apartments range from 1200 sq.ft to 3000 sq.ft.

Designed by MA&A Company in Thailand, Ocean View will comprise several super-luxury duplex penthouses and 357 apartments of two bedrooms to four bedrooms.

The proposed complex will feature a bar lounge by an open air pool on the 23rd and 24th floors for residents and their guests and will have a fully air-conditioned gymnasium with ultramodern equipment. Jaipuria, asked whether supply seen outstripping demand in the condominium industry could impact on his sales, said he was prepared to wait for some time for sales to occur. “In this market, you can’t expect sales to happen overnight. We are prepared to wait.”

Real estate developers say with the number of apartment complexes proliferating, the industry may reach saturation point in two to three years and result in prices sliding. R.J. Corp which has 3,000 to 4,000 apartments in India plans to market its Ocean View homes at a price ranging from US$300,000 to $1 million. “We are not the priciest in the market but would be second or third in the pricing of upmarket apartments. Also we are not selling flats. We are selling homes,” he said. Jaipuria’s group also has investments in Sri Lanka in the Vanaspati industry and glassware. He is looking at a dairy industry investment outside Colombo.
Potential clients of the condos are Sri Lankan expatriates in the UK, US and Canada who would like a place in the city to avoid traffic congestion and travel time in Colombo whenever they are visiting Sri Lanka.