aAIM India, a division of the real estate equity investor, aAIM Group, on 6th june announced its first investment comprising a 7 million sq. feet mixed-use development. This is the first Foreign Direct Investment (FDI) in an Integrated Township under the Special Township Policy whereby most of the planning decisions are delegated to the development JV.

Located in the city of Nagpur in Central India, the £350mn project comprises 3,000 residences and construction of the first phase is expected to be completed in late 2009. The overall project will span a period of six years. aAIM India is the largest shareholder.

Strong local partners are critical to the success of all real estate development projects in India and aAIM India is delighted to announce that it has entered into a joint venture with Aanya, an entity derived from Soham Real Estate.
Soham has a 25 year track record during which time it has delivered 40 substantial projects including residential townships and commercial premises. Soham has sophisticated systems for delivering projects on time and on budget.
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This is a landmark day for aAIM India. We are very pleased to be partnering with Soham Developers; their consistent track record of success has been a significant factor in our decision to partner with them,” said Anurag Chaturvedi, CEO of aAIM India.

“This is only the second development of its kind in India approved under a new progressive scheme of the Government. The commercial attractiveness of the proposed development along with the strong execution capabilities of our partner should provide investors with confidence in our ability to source opportunities that will continue to offer high risk-adjusted returns.”