BK Modi Group to invest $1 bn in realty, wellness

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BK Modi Group to invest $1 bn in realty, wellness

BK Modi Group plans to invest about USD 1 billion over the next five years in Indian real estate and wellness space.

Group founder B K Modi asserted, “We will be investing around USD 1 billion over the next five years.” On source of investment, he said the group will also rope in foreign investors in the proposed projects.

The group is already constructing a commercial real estate project in Mumbai in partnership with a developer and now has plans to expand this business.

On the concept of private smart city, Modi said the group will develop a mixed use project in Rampur, Uttar Pradesh. It already has a piece of land for this project where it will construct housing, mall, hospital and office space.

The group will also be setting up manufacturing units producing AAC blocks and panels, pre-fabricated steel structures and glass processing units as it wants to cut down on the time required to complete the project by using latest global technologies.

The project in New Delhi is proposed to be developed as a wellness city with medical office buildings, residencies, service apartments, rehab centre, a quaternary care hospital, and senior care facilities.

In the wellness space, these investments will manifest as brownfield developments in preventive care centres in India and across the globe.

“Across the projects in Delhi, Mumbai and Rampur, the group is proposing to develop approximately 3.5 million square feet of space at a cumulative initial cost of approximately Rs 6,000 crore in phase 1, these will be driven by new technologies that can revolutionise each sector,” Modi Holding Chairman Finance Committee, G P Singh was quoted saying.

The group has diversified interests in mobility, finance, healthcare, entertainment, realty and technology sectors.