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« Timely Payment with Timely Allocation of Land, Says Parsvnath | Home | Real Estate Academy for Developers to Come Up in Pune »

DLF Enters JV with UAE Co Nakheel

India’s prominent real estate developer, DLF and Nakheel, a large builder from the UAE, signed a 50:50 joint venture for two integrated townships which would come up over an area of 40,000 acres in India. The project will use a handsome investment of USD10 billion.

Nakheel is a private enterprise that operates under the umbrella of Dubai World. At present, the company has 17 major construction projects worth more than $30 billion. Nakheel’s portfolio comprises of a number of projects in UAE such as The Palms, Dubai Waterfront and The World.

JV envisages constructing 20,000 acres each in cyber city of Gurgaon, Pune, and Maharashtra. The construction work is likely to be on track this year and the first phase of development is expected to be over within three years. Contrary to this, the development may take a decade to be completed, says Bloomberg.

The land will cost up to 40 percent of the USD10 bn investment. However, 70% of the land is believed to be under DLF.

Emmar-MGF is known to be Nakheel’s main competitor in residential development in Dubai. Emaar operations in India as a 50:50 venture partner in Emaar-MGF. The JV plans to compete with DLF in Gurgaon. By the time DLF awaits the nod from the Securities & Exchange Board of India for its Rs 13,600 crore IPO, the company has in the past one year announced more joint ventures.

Also, it has plans to step into the life insurance segment with a 74:26 joint venture with US based Prudential Financial.

The other JV partners of the company include the prominent names such as Hilton Hotels, Feedback Ventures and the UK based firm Laing O’Rourke.

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