| DLF, Al Nakheel to invest $10bn in Mumbai, Delhi |
| BS Reporter / New Delhi March 26, 2007 |
| DLF and Nakheel, a large property developer from the UAE, today signed a 50:50 joint venture for two integrated townships spread across 40,000 acres in India with an initial investment of $10 billion. Set up under the auspices of the Dubai government, Nakheel is run as a private commercial enterprise and is controlled by Dubai World. Nakheel is currently developing 17 major projects worth more than $30 billion, and will make its foray into India with DLF. Its portfolio includes several land reclamation projects in Dubai such as The Palms and the Dubai Waterfront. A source close to the development had earlier said that the joint venture would develop 20,000 acres each in Gurgaon (beyond Manesar and in conformity with the draft Master Plan) and in Maharashtra between Mumbai and Pune. Construction of the projects is expected to begin this year and the first phase of the development is targeted to finish in three years. The cost of the land would comprise nearly 40% of the $10 billion investment. Roughly 70% of the land has been acquired by DLF. Interestingly, Nakheel |
