In an effort to tap on one of the world's fastest growing economies, The Ascott Group (Ascott) has expanded into India with a master development agreement with The Rattha Group (Rattha) to acquire and develop seven properties in the southern states - Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra by 2010.
The total investment from Ascott and Rattha for the seven properties is estimated at INR 1,000 crore (US$220 million). With a combined total of at least 1,000 units, they will form a part of Ascott's overall target to achieve 2,000 units in India by 2010 .
The two companies have also signed a joint venture agreement to acquire the first serviced residence in Chennai.
Somerset Greenways, Chennai, located in the MRC Nagar area which is a short drive to the CBD and Information Technology Corridor, is targeted to open in the first half of 2008 and will have approximately 210 units.
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