New Delhi: The market is already roiling over the country’s biggest property boom.
As the Indian capital sees more and more properties sold off as prices continue to soar, a group of investors are looking to take a different route.
Some of the companies in the sector are betting on a bubble, hoping to jump into a market that has seen a rapid rise in the price of properties.
In a series of articles on Thursday, The Times India and NDTV have reported on the companies who are trying to get in on the real estate boom.
According to NDTV, the bubble is in the form of a company called Nandagas Land Holdings.
Nandagasa Land Holdings is one of the leading builders of the luxury housing market in the country, with offices and a factory in Delhi and other locations in India.
The company has set up offices in the United Kingdom and Dubai, which it says are the most expensive cities for buyers.
According the company, the average price of a property in the city of Mumbai is Rs 2.4 crore, compared to Rs 3.8 crore in the neighbouring city of Bengaluru.
While Nandaguas is in a very different market from the city-state of Delhi, it has similar ambitions.
The company claims that its goal is to build a 50-acre industrial zone and a 500-acre urban garden with an annual output of around $3 billion.
“We are working on a plan of expanding our plant into a 50,000 sq km area,” Nandas CEO and founder Pradeep Pankaj said in an interview with NDTV.
“What we want to do is create a real estate market in which we can sell, buy and sell again and again, with the highest standard of quality.
We want to make sure that we can provide a better product to the people of India,” he said.
The land of dreamsFor the past three years, the company has been trying to convince investors to back the company.
But while it has attracted the interest of several investors, Nandagonas has yet to generate any funds.
“It has come down to a big gamble,” Pradept said.
“We are still trying to raise funds but the only way is through the market.”
The company claims to have a total valuation of around Rs 50,0000 crore.
Nandags chief executive Sanjay Gupta, however, has denied that his company has any cash.
“The company is just trying to make a quick buck and we are not doing that,” he told NDTV.
“What we do have is a lot of debt.
If we get more investors we will make some money,” Gupta said.”
This is the market where the market has never been before.
This is a big market with a lot potential.
It is a very exciting market,” he added.