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UAE realty firms seek joint venture in India

While Nakheel enters into a 20 billion dollar partnership with the DLF Group, Emaar Properties forges a partnership with the MGF Group.

india Updated: Apr 15, 2007 16:03 IST

Close on the heels of UAE-based real estate firms Nakheel and Emaar Properties venturing into India, other property developers from the Emirates are looking for joint ventures in the booming Indian real estate market.

While Nakheel has entered into a 20 billion dollar partnership with the DLF Group, Emaar Properties has forged a partnership with the MGF Group.

"We are in talks with a few developers and will soon submit our FDI proposal to the government," Damac Properties Consultant Mohamed Sajeer said.

He said while his company would prefer a joint venture, it is open to going solo in case it did not get the right partner. The company wants to enter the Indian realty market in the next six months.

Al Fajer Properties, a top real estate developer in the UAE, is also looking for an opportunity to enter the country.

"We are here to assess opportunities and we would like to develop townships," Al Fajer Senior Sales Consultant Diana Houri said. She said Al Fajer was a cash rich group and "finances would not be a problem".

Most of the UAE's realty firms were here this week to participate in a realty expo.

"India offers a huge market but it still lacks world class construction. We want to give the option of a luxurious lifestyle to an average property buyer," Irfan Khakhi of Giga Real Estate said.

The company is interested in developing residential projects here, he said.