Aug 31 2006 |
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UAE real estate developers target projects in India
DUBAI -- After attracting global attention through their towering projects, Middle East real estate giants are now moving to the Indian shores. Arab investors are tying up with major Indian real estate firms to grab a share of the billion-dollar industry.Some of the large real estate developers in the Middle East -- Emaar Properties , Al Ghurair Group's ETA Star , Al Rostamani Enterprises' KM Properties , Nakheel LLC, Dubai Properties and Kingdom Hotel Investments are betting big on India. Their investment is literally going everywhere -- hotels, malls, healthcare, housing, IT parks and integrated townships -- in Mumbai, Delhi, Chennai, Kolkata, Hyderabad, Bangalore, Goa and Rajasthan.
Emaar, the largest property developer, is one of the first to launch a project. Emaar MGF Land Private Ltd, a joint venture between Emaar and MGF Developments in India, announced financial commitments amounting to Dh17.926 billion for 2006 of which Saudi Arabia, UAE and India have the largest share. India will get Dh2.31billion.
In fact, the first project, Novotel Hotel, was inaugurated earlier this year. Built by Cyberabad Convention Centre Private Ltd, a joint venture between Emaar and the Andhra Pradesh Industrial Infrastructure Corporation, the 287-room hotel is managed by Accor, a leading hotel group.
In Mumbai, the company has entered into a joint venture with the Supra Group to set up malls and service apartments. The 10-acre property is located in Juhu and work is expected to commence in two months. ETA Star had purchased large tracts of land in Bangalore and is now developing residential apartments to cash in on the real estate boom, said Balaji, adding that they would be setting up an IT park in Chennai and a 130-acre residential project in Pune. Besides, ETA Star is one of the five qualified bidders for Hyderabad metro rail project.
KM Properties , another Mideast real estate major, has set up a huge real estate development fund for hotel and real estate development across Middle East and Asia. "We presently have property in Saudi Arabia and are exploring opportunities in India as well,'' says Mohit Gupta of KM Properties . Kingdom Hotel Investments is set to invest $1.2 billion over the next five years to expand to its portfolio including in South Asia.
© Khaleej Times 2006
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