News & Views on Indian Real Estate

Saturday, May 31, 2008

Deyaar Ends Indian Real-Estate Contract With Ansal

Deyaar Development PJSC, the Dubai real-estate company whose former chief executive officer is under detention, ended an Indian property development contract with Ansal Properties & Infrastructure Ltd. The deal was scrapped on May 6 by "mutual consent" and Deyaar is in talks with other potential partners to invest in the "attractive" Indian market. Deyaar announced the agreement with Ansal in May 2007 to build "mixed-use townships" in India. The company's plan to participate in the Indian real estate market remains on track. The parting was "amicable". They are not tying up at this stage. There is no real reason for it.