RETIREMENT: Canadian billionaire plans to build town for aging immigrants

Billionaire Bob Dhillon. Submitted photo

Canada-based billionaire Bob Dhillon is considering investing up to $100 million in the Indian real estate market, according to an article in the Hindustan Times.

The sum would fund the development of a township built exclusively for older Indian immigrants interested in moving back to their homeland during their twilight years, the report says.

Dhillon, the president and CEO of realty firm Mainstreet Equity Corp, is planning to approach the Haryana State government about siting the project near Chandigarh.

Dhillon was recently in India as part of the business delegation accompanying Canadian Prime Minister Stephen Harper.

“I am looking at Haryana, more specifically areas adjoining Chandigarh, for development of a township. I am in the process of discussion with the state government,” he said.

Dhillon, whose family hails from Tallewal village in Barnala district of Punjab, noted that the aging population of the Indian diaspora in Canada — most of them hail from Punjab — is looking for a second home in India. The planned project would be near the upcoming international airport.

On likely investment, he said: “Under the right circumstances, we would consider investing $25-100 million in India.”