Do you remember the days when Morgan Stanley was the first FII to operate as a Mutual Fund in India ? I was barely 15 then and remember people investing in its issue standing in long queue. My stock broker was already selling Morgan Stanley units at Rs10 even 2 months before listing. He made a killing, the unit started trading on BSE below par. :)
Now Morgan Stanley has set up an ambitious real estate investment strategy in India. It is investing close to Rs5000 crores in 5 years. The first project where it is investing is a service apartment in Pune and the investment is close to Rs700 crores.
Morgan Stanley picked up stake in Mantri Housing and Alpha G at around Rs300 crores each. It has 10-15 retail clients in its portfolio as well. Indian realty with semi transparency is attracting attention of global real estate funds. Merrill lynch puts the Indian realty business to grow to $90 billion in 2015.
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