Dubai developers make beeline for India

The booming Indian real estate market is now attracting a growing number of developers based in the United Arab Emirates (UAE).

The booming Indian real estate market is now attracting a growing number of developers based in the United Arab Emirates (UAE). Two property developers from that country are already planning the launch of mega projects in the subcontinent.

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KM Properties, the real estate arm of Dubai-based KM Holding, is scouting for partners for commercial projects in India. “We are looking at launching commercial projects and conducting our due diligence,” said Sanjeet Joher, Group Chief Operating Officer, KM Holding, without disclosing the total amount of investment that was being considered. The company has three projects in Dubai and has total development portfolio of 4 billion dirhams (roughly Rs 4,272 crore).

Another company looking at India is Rakeen, the real estate development arm of the Ras Al Khaimah (RAK) government. “We are studying dirham 5 billion (roughly Rs 5,34,000 crore) worth of projects in international markets such as Lebanon, India and Egypt,” said Dr Khater Massad, Chief Executive, Rakeen.

“We are planning a number of projects in India and they are all in the evaluation stage. All our overseas projects will be joint-venture projects,” Dr Imad Haffar, COO, Rakeen added.

Rakeen is behind the $1.8-billion (roughly Rs 7,065 crore) Al Marjan Islands — the first man-made islands project to be developed in Ras Al Khaimah — that is a cluster of five coral-shaped islands extending over 2.7 square million metres.