Hiranandani finds big market in Dubai for Chennai project (Gulf Business Capsule)

May 6th, 2008 - 8:23 pm ICT by admin  

Dubai, May 6 (IANS) Leading Indian real estate developer Hiranandani Infrastructure and Real Estate Company (HIRCO) has received robust response from Dubai for its proposed Chennai Township project. “We are extremely fortunate to be based across several borders. The Dubai market is extremely rich with a consumer base that we can market our India projects to,” HIRCO director Darshan Hiranandani said in a statement.

“On the other hand, our investments in this region have been very lucrative and have given us tremendous ability to learn super high rise construction and adapt some of this technology in India. Our vast experience in India has enabled us to design products extremely well tailored for residential consumers. It has also given access to resident Indians to invest in Dubai,” he said.

According to the statement, the Chennai Township will be constructed over three phases.

Hiranandani Palace Gardens will be a self-sustaining community with offices, schools, health care facilities, shops, recreational facilities and public space set within 369 acres.

The project is located along the business corridor southwest of Chennai.

Chennai Township will offer a range of apartment sizes and styles designed to appeal to employees of major international companies located in its area.

Hiranandani said the township project has seen huge momentum from Indians working abroad.

“Dubai provides tremendous accessibility to this consumer base all over the world and our outfit here is thrilled with the response we’ve received,” he added.


UAE moves to check cement prices

The United Arab Emirates’ (UAE) Ministry of Economy has signed a memorandum of understanding with the country’s cement producers to implement necessary measures to ensure the availability of cement in the local market at reasonable prices.

According to the MoU, signed by Minister of Economy Sultan Bin Saeed Al Mansouri and president of Cement Factories and Producers Group Abdulla Mohammed Al Sayah, the cement producers association will increase the production capacity for 50 kg cement sacks from 150,000 sacks to no less than 250,000 sacks a day, while also reducing the price of 50 kg cement sacks from 17 dirhams ($4.63) per sack to 16 dirhams ($4.36).

The group has also pledged to fix the price of an unpacked tonne of cement at 340 dirhams ($92.6) and update the Ministry of Economy with production volume data and any other necessary information every three months, according to the state-run Emirates News Agency (WAM).

The MoU has allowed all consumers and contractors to buy cement sacks from the producer directly without any restrictions, on condition that the Cement Producers Group also provide packed and unpacked cement for all emirates without discrimination.

Al Mansouri said the signing of the MoU forms part of a series of initiatives and measures taken by the ministry to reduce the inflation rate and control the rising prices of various goods and services.

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