Peninsula Land Ltd., an Indian real- estate developer backed by Franklin Templeton Investments, and Samira Habitats, a Mumbai builder, will develop a coastal township near the city to tap demand from the nation’s wealthy.
Peninsula and Samira will build the township in Alibaug, about 30 kilometers (18.6 miles) south of Mumbai. Three fourths of the project will consist of luxury residential villas and condominiums, the companies said in a joint statement today.
Demand for luxury apartments in India is rising as record overseas fund inflows drive Indian stocks to a 2 1/2 year high boosting the ranks of the affluent in Asia’s third-biggest economy. India’s wealthy may almost double their assets to $6.4 trillion over the next five years as economic growth, forecast to expand at the fastest in three years, swells the ranks of the rich, Credit Suisse Group AG said in its global wealth report.
Peninsula shares, which have declined 15 percent this year, slid 0.8 percent to 65.75 rupees at the 3:30 p.m. close in Mumbai today.
Peninsula and Samira will invest 2 billion rupees ($45 million) to develop the 2 million square foot township that will include a hotel, the companies said.
Franklin Templeton Investment’s funds own 13.9 percent as of Sept. 30, according to a Peninsula filing to the Bombay stock exchange.