The fund, which started its operation In India in 2003 with a total corpus of $2 billion, is looking to invest $500 million to acquire more projects.
"We have already invested $1.5 billion in these 13 projects and the remaining $500 million will be deployed over the next few years," IREO chairman Anurag Bhargava said.
IREO will develop over 3,000 acres, with 250-300 million sq ft available for sale. These projects will be located in Ludhiana, Jalandhar, Mohali, Panchkula, Gurgaon, Ghaziabad, Noida, Pune, Goa, Chennai and Coimbatore and will be priced between Rs 2,200 and Rs 4,500 per sq ft.
Bhargava said the company has started construction and leasing on a 5-million sq ft IT SEZ in Pune. Besides, it has also started sale and construction on 3 million sq ft of housing in the same city.
In the next 12 months, he said, IREO would launch 8 million sq ft more of housing space. The company is also evaluating possibilities in education and hospitality projects.
"Though the market has seen ups and downs, we are bullish on the long-term potential of India. Due to some policies that are put in place here, residential demand is coming back," Bhargava said.
