Omaxe forays into Dubai realty market

June 10th, 2008 - 9:29 pm ICT by IANS  

New Delhi, June 10 (IANS) Indian realty major Omaxe announced Tuesday that it had set up a wholly-owned subsidiary, Rohtas Holdings Gulf, for its construction ventures in the Gulf region. Rohtas Holdings will invest Rs.13.5 billion ($321 million) for a residential project in Dubai through a special purpose vehicle (SPV), Golden Crescent RED and General Trading.

The company also said it would invest Rs.15 billion through another SPV, Marine Sands, in other projects in Dubai.

Last month, Omaxe revealed its plans to foray into Dubai to develop 10-12 projects over the next three years.

“The initial focus of the company will be on high-end residential projects,” said a company spokesperson.

Other Indian realtors like Mumbai-based Hiranandani Group, Ajmera Group, Sobha Developers, Kolkata’s South City Projects and Delhi-based Parsvnath are already present in the Gulf market.

Parsvnath Developers has a joint venture with Oman-based Al-Hassan Group.

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