Indian realty goes internationalIndian realty developers develop projects abroad in joint ventures with international developers
Apnaloan.com Research Bureau
15 Oct 2007
Indian realty majors are increasingly looking at expansion abroad through joint ventures.
Delhi based real estate company Ansals API has tied up with Malaysia's UEM Group to form a 60:40 joint venture - Ansal Api-UEM Contracts Pvt Ltd - to bid for government projects in Malaysia, as also projects worldwide. The company had earlier tied up with Dubai's Deyaar around three months ago to work on integrated townships in India in western and southern parts of the country.
Another major player, Parsvnath Developers, is looking for projects in the retail and hospitality sectors in Dubai, Mauritius, Singapore and a few other locations.
Parsvnath ties up with local developers abroad to share the risks involved in projects there. The company is already in one such deal with the Al-Hasan Group in Oman.
Puravankara Group is doing a project in Sri Lanka a high-end residential complex, comprising 100 villas, on the road from the airport to Colombo, to be launched in the next two months.
Hiranandanis are gearing up to showcase their Dubai project, 23 Marina soon. This project is a joint venture, forged in 2005 between Hircon International and Dubai-based ETA-Star Property. The construction of this 90-storey high-end residential project, which will cost $250 million, is expected to finish in 2009.
Ninety per cent of the apartments - in the price range of $462,900 - $23,14,501 - have already been sold. There has also been a 50 per cent escalation in the price since the launch of the project.
The company is now looking at two other projects in the Dubai Lagoons and Business Bay areas, according to the media reports.
Kolkata's South City Projects, a consortium of some of the city's largest realtors, is also working on two projects in Dubai one, a 150,000 sq ft office building inside the Dubai Investment Park, and the other, a residential project of around 150-200 studio apartments.
The estimated investment for the two projects is around Rs 100 crore.
Dheeraj East Coast LLC, promoted by Mumbai developer, Dheeraj Group, is developing a number of office complexes and residences abroad.
And, of course, there is L&T which is constructing luxury residences, villas, condominiums for premier realtors like Nakheel and Trident International Holdings.