IFCI expands in real estate business

Real estate
Financial institution IFCI will amplify its existence in the real estate business. After serviced apartment project in Delhi, IFCI Infrastructure Development Ltd (IIDL) will launch three similar projects in Lucknow, Guwahati and Chennai.
To woo foreign traveller, IIDL signed a contract with Singapore’s Frasers Hospitality to manage its serviced apartment property named Fraser Suites in the capital city. IIDL is planning to develop a total of two million square feet area in the three cities.
CEO and MD of IFCI Atul kumar Rai said that IIDL would shortly start developing serviced apartments at other locations. He said that the company would also like to buy lands in the auctions of governments land development authority.
IIDL has plans in hand to develop two million square feet commercial space. CEO of IIDL said that if they get other striking proposal to develop residential projects, they would undoubtedly think about them.