BK Modi Group intends to invest $1 billion over the next five years in India’s real estate and wellness industries
- ByStartupStory | January 4, 2023
The BK Modi Group intends to invest around $1 billion over the following five years in the Indian real estate and wellness industries because it believes that these two industries have enormous growth potential.
BK Modi, the group’s founder, claimed in an interview with PTI that there is a tonne of room for introducing new technology in the real estate and health spaces
“We will be investing around $1 billion over the next five years,” he said when asked about the proposed investment in these new ventures. Regarding the source of funding, he stated that the organization will also involve overseas investors in the projects under consideration.
In collaboration with a developer, the firm is already building a commercial real estate project in Mumbai, and they now have plans to grow this enterprise. Regarding the idea of a private smart city, Modi stated that a mixed-use project will be built in Rampur, Uttar Pradesh. For this project, it already has a plot of land on which to build apartments, a mall, a hospital, and office space.
“Whatever is the need of a human life, is provided within a walking distance–this will be our objective,” Modi said.
In order to reduce the amount of time needed to finish the project by utilizing the most recent international technology, the organization will also establish manufacturing facilities producing AAC blocks and panels, pre-fabricated steel buildings, and glass processing facilities. He also expressed worry about how long it takes to develop tall buildings.
With medical office buildings, residences, service apartments, a rehab center, a quaternary care hospital, and senior care facilities, the project in New Delhi is envisioned to be constructed as a wellness city. These investments would take the form of brownfield developments in preventative care facilities in India and other countries across the world in the wellness sector.
The BK Modi Group sold Max Healthcare the former Saket City Hospital in the capital city in 2015–16.
“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 revolutionize each sector,” said Modi Holding Chairman–Finance Committee, GP Singh.
Modi, who currently has a Singaporean passport, claimed that his love of new technology was what inspired him to introduce numerous of them to India, including the first mobile cellular service and the first photocopier.
While Modi has a talent for investing in emerging businesses that is honed by his experiences as an OCI (Overseas Citizen of India), Smart Bharat Group Chairman Preeti Malhotra noted that “for investment in such areas to develop, it is vital that the correct atmosphere must be created.”
In order to create an environment that is favorable to investment, it is necessary to make modifications to the tax, land, and construction rules. The group has varied interests in the real estate, technology, entertainment, healthcare, finance, and mobility industries.
The organization recently joined forces with American healthcare provider Fountain Life in the field of preventive healthcare.
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