West Asian real estate giants to invest in India

Dubai, Sep 1 (UNI) In a bid to grab a share of the billion dollar real estate sector, a clutch of West Asian real estate giants are moving to India along with Arab investors to tie up with major Indian real estate firms.

Large real estate developers in West Asia including Emaar Properties, Al Ghurair Group's ETA Star, Al Rostamani Enterprises, KM Properties, Nakheel LLC and Dubai Properties and Kingdom Hotel Investments are betting big on India.

They are targeting every segment of real estate from hotels, malls, healthcare, housing, IT parks and integrated townships in Mumbai, Delhi, Chennai, Kolkata, Hyderabad, Bangalore, Goa and Rajasthan.

Emaar, the largest property developer, is one of the first to launch a project, news report said.

Emaar MGF Land Private Ltd, a joint venture between Emaar and MGF Developments in India, has announced financial commitments amounting to 4.9 billion dollar for 2006 of which Saudi Arabia, UAE and India have the largest share.

ETA Star is currently involved in a spate of real estate projects across India.

It has commenced work on new projects in Bangalore and Chennai and would also begin work in Kolkata and Hyderabad shortly, an ETA official said.

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