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Follow on Google News | Indian Real Estate Companies Confident Of Remaining Unaffected By Dubai CrisisIndian real estate companies put up a brave front on Friday, claiming that they will remain unaffected by the Dubai crisis due to their limited exposure to that market.
By: maaproperties An official of India’s largest real estate company DLF said its contact with Dubai-based entities were minimal. DLF executive director Rajeev Talwar said: “Luckily for us, we do not have any exposure to that market. The one deal for which we were negotiating fell through.” DLF was close to finalising a joint venture with the now troubled Nakheel, a Dubai-based developer. “The plans to enter Dubai have been postponed for a while,” added a DLF official. Both Unitech MD Sanjay Chandra and the managing director of Parsvnath Developers, Pradeep Jain, insisted that they have nothing to do with any Dubai-based entities. Another Indian real-estate developer, Omaxe, had in June 2008, formed a new subsidiary, Rohtas Holdings (Gulf), which were supposed to venture into the construction of two residential projects in Dubai at a cost of Rs 2,850 crore. Omaxe chairman and managing director Rohtas Goel said the company had paid Rs 40 crore as the first instalment for buying land for these projects. The rights to develop these projects are awaited. “There has been a slowdown in the Dubai real estate market. Looking at the current situation, we are considering exiting the two projects,” he said. Mr Goel declined to comment when queried on what could happen to the Rs 40 crore that has been paid...http://www.maaproperties.com/ At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home. We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI) # # # Maa properties provides property related transactions in Hyderabad like buy, sell, rent, lease, providing tenants, maintenance for nris under three services property deals, property analysis and property care. End
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