AEZ forays into Dubai, sets up subsidiary
Dubai's growth potential has prompted many Indian realty developers to venture into the Emirate, reports Varun Soni.business Updated: Dec 09, 2007 23:06 IST
The growth potential of Dubai has of late prompted many Indian realty developers to venture into the Emirate either on their own or through tie-ups with local builders. The latest to join the bandwagon is the Delhi-based AEZ Group, which last month set up a subsidiary in Dubai called Maple Infrastructure and Trading LLC. The developer has already applied for permission to foray abroad with the RBI.
The Dubai subsidiary is eyeing mergers and acquisitions as well as tying up with a local developer. “The plan is to tap the growing real estate market in the Emirate. Since Dubai is fast becoming a global financial hub, the demand-supply gap in terms of the residential and commercial sector is huge there. And it is into this gap that we intend to fit ourselves,” says Sanjeev Aeren, managing director of the group behind Gurgaon’s Gold Souk.
Maple will foray into Dubai’s real estate sector both as an offshore company as well as through a tie-up with a local builder. The target is to get into the development of residential and commercial projects as well as service apartments. “A tie-up with a local developer will also help us in bringing in his expertise in the real estate sector to India. The tie-up will execute projects both in Dubai as well as India,” says Aeren.
At present AEZ is developing a total of 10.3 million square feet in residential and commercial projects and special economic zones (SEZs) throughout the country. Most of these projects are located in Gurgaon, Ghaziabad, Faridabad, Sohna, Alwar and Rishikesh in Uttarakhand.