The Hindu Business Line : Dubai company in real estate venture with MGF

EMAAR Properties PJSC, a company promoted by the Government of Dubai, has announced that it is investing over half a billion dollars (over Rs 2,500 crore) in India in joint venture with a domestic real estate company MGF Developments Ltd.

A statement from the company said this constituted the largest FDI in real estate in the country.

The projects in which the joint venture Emaar-MGF Land Private Ltd has invested involved a total capital outlay of $4 billion (Rs 18,000 crore), said a statement. These projects are planned for Delhi-NCR, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra.

"This joint venture is symbolic of more than a partnership between two countries: It is the coming together of two countries to develop world-class facilities, services and living spaces at a time when India is emerging as one of the world's favoured destinations for investments, market and tourism," said Mr Mohamed Ali Alabbar, Chairman of Emaar Properties, at the inauguration of the joint venture's India office in New Delhi.

"The partnership is not merely about investment. It is about bringing in technology, expertise and scale. We are looking at integrated townships and homes that will make a real impact on the lives of the people," said Mr Shravan Gupta, Managing Director, Emaar-MGF.

The townships will be designed and constructed by architects and contractors of international standing and supported by various experts.

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