Modi Group to invest $1 billion in realty, wellness space in Delhi, Mumbai

Dr Bhupendra Kumar Modi-led Modi Group will invest $1 billion in various sectors, including realty and wellness, with the intent to transform the value chain. In the wellness space, the investments will be in the form of brownfield developments in preventive care centres.

In the realty sector, the company will undertake mixed-use developments in New Delhi, Mumbai and Rampur. In Rampur, the new facility will include a shopping mall, multiplex, hotel & service apartments and group housing. In Delhi, a wellness city will be developed with medical office buildings, residencies, service apartments, a rehab centre and a quaternary care hospital, and senior care facilities.

GP Singh, chairman of the finance committee at Modi Holding, said, "Across the projects in Delhi, Mumbai and Rampur, the group is proposing to develop approximately 3.5 million sq ft of space at an initial cumulative cost of approximately Rs 6,000 crore in phase 1, these will be driven by new technologies that can revolutionise each sector."

The investments will focus on new technologies, including artificial intelligence, to improve efficiency.

"...for investment in such sectors to grow, it is imperative that the right environment must be created. There needs to be positive, investment-friendly change in FAR laws, land laws, construction laws and tax laws which creates an enabling environment for investors such as Dr Modi. We are confident that once this is done, more OCI investors...will bolster their engagement with India and play a keener and more meaningful role in making the country a developed nation by 2047," said Preeti Malhotra, chairman at Smart Bharat Group.

Bhupendra Modi was also given the title of "Raja-Rishi" on the occasion of his 74th birthday on January 3.