UAE firm’s Karnataka project stalled after regime changeAugust 3rd, 2008 - 2:51 pm ICT by IANS
Dubai, Aug 3 (IANS) Work on a proposed new township in Karnataka planned by a United Arab Emirates (UAE)-based real estate major has been held up following a change of government in that south Indian state. Limitless, a subsidiary of the Dubai government’s Dubai Holdings, had announced in October last year the $12-billion township in Bidadi, 35 km from Bangalore, in a 50-50 joint venture with Indian realty major DLF.
Construction of the project, spread over 40 million sq mt of land and designed to house 750,000 people, was supposed to start in the first quarter of this year.
But after the Bharatiya Janata Party (BJP) came to power in the assembly elections in May, work got held up as the company was yet to receive information from the new government whether the project would go ahead, the National newspaper reported Sunday.
“We await further news from the government of Karnataka on the Limitless-DLF Bidadi project, but have every confidence that the development will go ahead as planned,” Rebecca Rees, media relations manager at Limitless, was quoted as saying in the report.
Limitless, which has a fully-staffed office in India, however, continues to see India as a key market.
“India is facing its biggest urban migration ever, and our ability to masterplan large-scale, balanced urban communities allows us to help India address its growing demand for new homes,” Rees said.
“We are planning a series of large-scale developments there that address the country’s evolving real estate needs. Limitless is currently evaluating projects on a pan-India basis,” she added.
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