Taking help from the growing progress of India’s largest hospitality chain Oyo, Japan’s Softbank Group is planning to invest in Punjab’s real estate sector, with a focus on student housing.
A high level delegation, led by MD Hiroki Kimoto, called on Punjab Chief Minister Amarinder Singh, who extended his government’s full support for realisation of Softbank’s investment plans in the state, according to the sources.
While, Amarinder Singh assured the delegation of seamless and smooth investment in the state through its single-window clearance platform, Invest Punjab.
Vini Mahajan, Additional Chief Secretary, Investment Promotion and Industries and Commerce, said that Punjab had a vibrant real estate sector, with areas around Chandigarh seeing excellent growth.
Reputed international players were looking at affordable housing, and student and senior citizen housing facilities as a potential investment sector, she added.
Japan-based Soft Bank Group, is known for its leadership by founder Masayoshi Son. It, now, owns operations in broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, semiconductor design, and other businesses.
The sources further added that the new Industrial Policy, coupled with lucrative incentives and facilities, was facilitating investors in a big way, with over Rs 50,000 crore investment already realised on the ground during the past two years.
Furthermore, taking part in the deliberations, Lovely Professional University, Vice Chancellor Ashok Mittal said they were in advanced talks with Softbank for a potential collaboration for the construction of student hostels, as there was a huge demand for hostel facility for domestic and international students.
Softbank, which is an existing investor in Oyo, is one of the biggest investors in the Indian startup ecosystem, with approximately 20 per cent of its investments in India-based businesses.