India’s property boom has attracted further foreign property investment in the shape of three apartment projects planned by an Israeli real estate firm. A report from Globes Online states Yaakov Engel and partner Hezi Hermoni have purchased land for building three residential projects in the state of Goa.
According to the site, the project will be carried out by Engel’s EngelInvest Group development firm. Around $500 million is being pumped into the three sites by the pair, with around 2,030 new homes and apartments on the cards in picturesque areas.
The partnership expects to double its money with the scheme, according to Globes Online. The three projects will involve a large development in the Cortalim region overlooking the banks of Zuari river, a second complex in Goa itself and a third in the upmarket Dona Paula region.
Despite tough property laws, India continues to draw strong interest from foreign property investors. British, Russian and Israeli businesses in particular are snapping up property and land.
According to the Times of India, the Goa state government has banned foreigners for buying properties in the region, but local builders have developed five-year leases to stay within the law.
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