Mumbai, July 10: Starwood Capital, the Greenwich-based privately-held investment management firm with close to $14 billion worth assets under management, is all set to enter the Indian real estate market.

“We are planning to invest close to $200 million over the next six months in the Indian real estate market,” Balaji Rao, country head of Starwood Capital told The Telegraph here today.

The company is looking at a model called ‘mixed-use-development’.

“Under this model, we will be looking at developing residential and commercial as well as hospitality facilities under one roof. So our projects will have residential flats, malls or shops and offices as well as some of our hotel brands under the same roof, within approximately 1 lakh square feet. We are looking at developing such city centres,” he added. The ‘mixed-use-development’ model exists globally, but India has not yet seen any such project. Although the concept of hotels within malls is being worked upon in the country.

Starwood Hotels and Resorts already has some famous brands like Sheraton Hotels & Resorts, Westin and St Regis Hotels and Resorts under its fold.

“We will be looking at incorporating some of these brands in our mixed-use-development projects,” Rao said. As far as the location is concerned, the company is looking at both tier I cities like the metros as well as tier II and III cities. Starting with an investment of close to $200 million in the next six months, the fund plans to invest close to $1 billion in Indian real estate development in the next two to three years. Starwood employs over 120 professionals at its seven offices located in the US and in international offices in London, Luxembourg and Tokyo.

Starwood Capital has closed two funds, its $1.475-billion Starwood Global Opportunity Fund VII and its $900-million Starwood Hospitality Fund I, to take its total capital raised in 2005 to more than $3 billion.