Dubai, Oct 3 (UNI) Real estate major DLF has entered into a 50:50 joint venture with Dubai-based Limitless to develop a 12 billion dollars mixed-use township near Bangalore.
The township named as, Bidadi Township will be India's biggest urban community, sprawling over 4,000 hectares and housing about 7,50,000 people.
The construction work will begin in the first half of 2008, with total project completion scheduled for 2016.
The project will contain residential property, commercial buildings and retail units.
''India is currently experiencing the biggest urban migration it has ever seen. As a result, there is a massive opportunity for us to demonstrate our core strengths of master planning, innovative developments and execution of large-scale projects," Saeed Ahmad Saeed, chief executive of Limitless told the Gulf News.
Located 35 kilometres south-west of Bangalore, India's information technology city, Bidadi will potentially attract billions of dollars of investment.
The project is the first of five new townships the Indian Government is planning in the outskirts of Bangalore, India's third most populous city.
A Limitless spokesperson said the company plans to develop an unspecified number of similar townships in various parts of India, which may or may not be developed in partnership with DLF.
''India is one of our key strategic markets and this project is the first of several to come,'' the spokesperson said.
The company did not reveal an overall investment figure for its forthcoming Indian ventures or a time-frame for development launches, but said finance for the Bidadi project will be raised through a combination of equity capital and global financing.
Eyeing India's huge urban migration, Limitless anticipates a future supply gap of 20 million housing units.
Focusing on Bangalore's residential property sector, global real estate services firm Cushman&Wakefield has revealed an overall slowdown in the city's property buying activity.
''High prices, steep home loan rates and anticipation of a price correction have resulted in a wait and watch attitude among end users, well reflected in the marginal price escalations witnessed over the past few months,'' the company stated in a report published last month.