Dubai, Oct 2: India's DLF Ltd will develop a $12 billion housing and commercial real estate project near the technology and outsourcing hub of Bangalore, DLF's Dubai-based partner in the development said on Tuesday.
Dubai-government owned Limitless will own half the venture that will develop the 4,000 hectare (9,884 acre) Bidadi Township on the outskirts of the southern city, Limitless said in a statement.
Bidadi will have homes for around 750,000 people as well as commercial and retail buildings. It is one of five townships Indian authorities are planning around Bangalore, Limitless said.
Limitless is owned by the government's Dubai World agency which is building three islands shaped as palm-trees with hotels and villas off the coast of Dubai.
Developers such as DLF, India's biggest by market value, are building more homes for people on lower incomes in India, a country that has about 53 million families earning $2,500-$5,000 a year.
India's booming economy is projected to lift a further 22 million families out of poverty and into this income bracket by 2010.