By Dominic Whiting
SINGAPORE (Reuters) - An India joint venture between private U.S. real estate firm Tishman Speyer and ICICI Bank (ICBK.BO: Quote, Profile, Research, Stock Buzz) could tap global investors to raise a new fund, a company executive said on Monday.
Brushing off fears that a property bubble is forming in India, the chief executive of TSI Ventures, Kok Huat Goh, told the Reuters Real Estate Summit in Singapore that his current $700 million pot was being spent fast.
"At the rate we're going, it would be sooner rather than later," Goh said of the prospects for a new fund.
TSI Venture's current fund, raised from institutional investors by both sides in the 50-50 partnership, gives $2 billion of spending power when supplemented by borrowing.
But the firm is already committed to two Hyderabad projects, including a $2 billion township to house 30,000 people.
TSI Ventures now wants to quickly expand to the New Delhi area, Mumbai, Pune, Bangalore, Chennai and Kolkata.
"Our aim is to get into these cities in the next couple of years," Goh said.
Since India eased rules on inward investment in the construction sector, foreign property funds have flocked in. This has helped double property prices in major cities since 2005. Continued...
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