Dubai firm Falak plans convention centre in Mumbai

Dubai-based Falak Properties has plans of developing a 20,000 sq ft convention-cum-exhibition centre in south Mumbai. The company has a kitty of Rs 100 crore for the proposed project and it is scouting around for a local partner. This will be Falak's first foray into Indian real estate.

"We see a lot of potential in the city where there are no worldclass convention or exhibition centres. And a lot of conventions and exhibitions are organised here as the Indian economy is growing. Our effort is to create a world-class property in the heart of the city," said Abdulrahman Falaknaz, partner in Falak Properties.

He added, "Although 20,000 sq ft is small by international standards, the land price in the city is prohibitive. "