News & Views on Indian Real Estate

Friday, July 18, 2008

Emaar to ramp up India investments

Emaar Properties, the largest real estate company in the Middle East, is set to inject $150 million for a 20-25 percent stake each in three real estate developments in India. Emaar and MGF Developments of India set up a joint venture in 2005 called Emaar MGF, which currently accounts for India's largest foreign direct investment in real estate through projects with a combined development value of US$1bn. Emaar is now considering establishing three separate special purpose vehicles which will then develop two retail properties and one office property in Gurgaon and Mohali.

Emaar holds 41% in the Emaar-MGF joint venture while MGF holds 56%.