Dubai based Prince Holding says the projects will contain all facilities needed by expats returning home
A group of non-resident Indians (NRI) in the UAE, along with Indian investors from the US and Europe, have announced plans to develop two self-contained townships in India.
Prince Holding said the projects will contain all facilities needed by expatriates returning to settle in their home country. Sebastian Joseph, chairman of the consortium said the self-contained and eco-friendly townships will be built in Bangalore and Kochi, with an initial investment of $350m.
The company said some 500,000 overseas Indians are likely to return home in the next five years.
The township near Kochi’s Nedumbassery Airport will have an education zone from kindergarten to post-graduation, special business zones, technological centres, an international financial centre, hospitality zone, NRI facilitation centre and a shared facilities zone of sports academy, retail strip mall, multiplex, food courts, library and residential zones with villas, row houses and apartments, the firm said.
The Bangalore project near Nandi Hills and the Kochi project near Periyar River, will each have 100 acres of land with 30% as green area, and will be based on the ‘walk to work’ concept to enable residents minimise transportation to their offices, said Prince Holding.