Emaar JV set for Indian real estate domination

Dubai property giant joins forces with India-based MGF to launch new projects

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By  Conrad Egbert Published  December 24, 2005

Emaar-MGF Land Private Ltd, has announced India’s largest Foreign Direct Investment (FDI) in real estate, with a capital outlay of US $4 billion (INR180 billion). Emaar-MGF is a joint venture company formed by Dubai’s Emaar Properties and MGF Developments Ltd of India. The projects are planned for Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. Inaugurating the India office of Emaar-MGF in New Delhi, Mohamed Ali Alabbar, chairman of Emaar Properties, said: “This joint venture is symbolic of 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. We hope through the joint venture to be a part of this historical transition of India into a great global hub.” The communities will be designed and constructed by architects and contractors of international standing and supported by various experts in the fields of planning, construction, transportation, utility, environment and other infrastructure. Shravan Gupta, managing director of Emaar-MGF, said: “The partnership is not merely about investment. It is about bringing in technology, expertise and scale. We are looking at integrated communities and homes, which will make a real impact on the lives of the people. "With India poised to maintain a healthy 7%-plus GDP growth over the next 20 years and the world beating a path to India, we believe that we can make a significant contribution in strengthening the infrastructure of the country. “In a sense, this is the beginning of an infrastructure revolution, much akin to the telecom revolution which has changed the connectivity landscape of India in the past decade.” Communities will include residential plots, town houses and villas, along with retail facilities, landscaped gardens, civic facilities and amenities. They will also provide for the opening of offices and IT parks.

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