Dubai’s Deyaar drops Project with India’s Ansal

May 8, 2008	(Be the first to rate this story!)  Loading ...
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Deyaar, a Dubai property developer at the centre of an investigation into alleged embezzlement, said it had agreed to drop plans to develop a real estate project in India. In November, Deyaar, Dubai’s second-largest property developer by market value, said it expected to finalize a $5 billion agreement to build a township near Delhi with India’s Ansal Properties and Infrastructure Ltd.

An initial agreement with Ansal to work together had been cancelled by mutual consent, Deyaar said on Wednesday in a statement on the Dubai bourse website. It did not explain why.

“Deyaar’s strategic plan to participate in the attractive Indian real estate market remains on track, and discussions continue to progress with other potential partners,” it said.

Earlier this month, Deyaar said it did not expect a police investigation into alleged financial irregularities by some of its employees to have an effect on profit.

News Published Under:   Real Estate India, Real Estate Developers |

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