Monday, September 27, 2004

Mega township with US$ 3 bn FDI

So, is this going to help decongest the city? Hardly, it will be an ivory tower affordable only to money bags returning from wherever they have made their fortune.


Bangalore suburb to be $2.9 bn smart city
Canadian firm bringing in largest FDI slice in real estate.
Business Standard

It is the biggest foreign direct investment in India’s real estate sector. Vancouver-based Royal Indian Raj International Corporation (RIRIC) will invest a staggering $2.9 billion in a single real-estate project named Royal Garden City in Bangalore over a period of 10 years. The retail value of the project is estimated at $8.9 billion (Rs 41,000 crore).

The country’s first web-enabled “smart city” will be spread over 3,000-5,000 acres and will be located 20 km from Bangalore city near the new international airport.

The project is expected to build 35,000-50,000 houses, a business district and educational facilities, apart from state-of-the-art medical, shopping and entertainment infrastructure.

It will also house an aquarium, golf courses, botanical parks, stadiums and multiplexes and an estimated 300,000- 500,000 people are expected to live, work and play within the city daily. Last month, the company received the Foreign Investment Promotion Board’s clearance for the first tranche of investment of Rs 179 crore.

Billing it as the largest building project in Asia, Manoj C Benjamin, CEO and chairman of RIRIC, told

Business Standard from Dubai: “We will be exporting modern technology to develop a New India. Unlike Taiwan, Hong Kong or Dubai, India does not have a modern city enclave. What we want to do is to bring in the most advanced urban infrastructure and modern amenities to the Indian market.”

Construction is expected to commence early next year and will be completed within 10 years.

That is just for a start. The Bangalore project is the first of four Royal Garden Cities that RIRIC plans to build in India. The three others are expected to come up in Mumbai, Delhi and Kolkata.

The Mumbai project would be launched in the beginning of 2006 over 5,000 acres of land across the harbour from the Gateway of India, Benjamin said. Most of the activities will be undertaken by Royal Indian Raj India Enterprises, its 100 per cent Indian subsidiary.

While Jones Lang LaSalle has been selected to manage transactional services and market the product globally, the master plan and the urban design for the Bangalore project will be executed by CPG Corporation. Previously called the Singapore Public Works Department, CPG Corporation had built the ‘Singapore City’ and is keenly looking at India to expand its business.

In what he described as an “East-West economic fusion”, Benjamin, who is based in Canada, said: “While the majority stake in RIRIC is with the family, we have a global consortium of world class builders and developers. We have credit and equities with large international finance institutions.’’

The bidding process for the developers will be finalised in January nest year. Benjamin’s father, Collin Benjamin, left India in 1962 and went on to found several real estate brokering and finance mortgaging companies like Colben Real Estate and Shammah Investment in Canada.

The company has expertise in building apartment buildings, shopping malls and office complexes. RIRC was incorporated in Nevada, US, in 1999 and has offices in London and Vancouver.

Benjamin said presale interests for the Bangalore project had already started pouring in. “We are currently reviewing these enquiries. Most of them are from NRIs all over the world who want to come back to their homeland.”

Describing the project as a “labour of love”, Benjamin said: “This is one way to enable the Indian inhabitants to be globally competitive.” Benjamin also said about 50,000 people would be employed in each city with forward linkages with 269 companies that will form part in building the country’s first compact sub-city within a city.

8 Comments:

At Wednesday, March 28, 2007 at 2:07:00 AM GMT+5:30, Anonymous Anonymous said...

Royal Indian Raj is conducting a huge scam. For those of you thinking of investing in this mega project, I would suggest looking into the track record of Royal Indian Raj. There is no track record. Speaking with the people at RIRIC, one learns that they are uncooperative in sharing any information about their history and or financial records.

 
At Wednesday, September 5, 2007 at 10:23:00 AM GMT+5:30, Anonymous Anonymous said...

I would back you 100% on RIRIC being a complete scam. They have NO track record what so ever. They might look appealing visually, but once you look a little deeper, the corruption grows larger. Any company building their sucess on insider trading and other people's bank accounts are dangerous.

 
At Tuesday, May 20, 2008 at 6:17:00 PM GMT+5:30, Anonymous Anonymous said...

I can factually verify that RIRC is perpetrating a huge scam. I mistakenly invested in this company over ten years ago and have yet to receive anything but specious promises and their glowing "Press Releases". It is my contention that the Benjamins are charlatans of the first order and should be thorougly investigated and ultimately prosecuted. If you are being courted by RIRC to invest, I would suggest you disassociate yourself immediately!

 
At Thursday, October 9, 2008 at 11:29:00 AM GMT+5:30, Anonymous Anonymous said...

ROYAL INDIAN RAJ DESERVES PROSECUTION to the fullest extent. Their investors will sadly see nothing, but hopefully will find some kind of retribution.

Why has this scandalous family not been caught yet? The Benjamin family, Manoj Benjamin, Ravi Benjamin and father Mr. Collins Benjamin and even Ajula Benjamin and their cohorts should all be prosecuted. Their SCAM called RIRIC, Royal Indian Raj International, and Royal Garden Villas....and their newly aclaimed GolfIndia brand are all operations of fraud, insider trading, manipulation, corruption and outright calculated fraud. Royal Indian Raj needs to be shut down.

 
At Tuesday, November 25, 2008 at 10:34:00 AM GMT+5:30, Anonymous Anonymous said...

Royal Indian Raj Fraud and Deception Allegations
We came across this information and thought it would be of interest: http://www.complaintsboard.com/bycompany/royal-indian-raj-a88986.html

 
At Monday, March 9, 2009 at 11:05:00 AM GMT+5:30, Anonymous Anonymous said...

Why is everyones comments anon?

Former Fired Employee's perhaps?

 
At Tuesday, July 7, 2009 at 2:24:00 AM GMT+5:30, Anonymous Anonymous said...

I'm not a former employee. I was a friend of Ravi Benjamin's. We met through mutual friends from Nova Scotia. I basically invested my life savings, convinced others in my circle to do so and have been sadly fooled. This is a scam. It is hard to believe someone looks you in the eye, takes your money and lies so very easily. How he and his wife Shari sleep at night is unknown to me.
Marie Landry
Vancouver, BC

 
At Tuesday, November 3, 2009 at 8:19:00 PM GMT+5:30, Anonymous Anonymous said...

Royal Indian Raj ( RIRIC ) and Royal Garden City ( Royal Garden Villas ) is most certainly a scam. Manoj Benjamin and brother Ravi Benjamin have certainly profited, taking in millions in pre-sales from trusting customers and investors, yet producing nothing. The excuse is always "the permits are delayed".

RIRIC knew that the permit process would be a long one, yet didn't bother to by land in the area which was available with permits already. Rumors abound in Bangalore that Royal Indian Raj will never receive permits for the Royal Garden Villas Resort, which is touted as phase one of Royal Garden City Bangalore. Apparently Manoj and Collins Benjamin have angered not only customers and investors, but also the officials who are in charge of permit distribution. It is also rumoured that after being arrested and making bail, Collins Benjamin is in hiding in India.

 

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