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Deepak Goel

New Delhi May 19 Real estate developer Deyaar of UAE, which has entered into an agreement with the Delhi-based Ansal API, plans to develop a `mixed use township' that will have an IT park and a biotech park, apart from shopping mall, hospital, school and residential units.

According to industry sources, the township could come up in Uttar Pradesh with an investment upwards of Rs 1,000 crore. Lucknow or Greater Noida is the likely location for the project.

The UAE developer entered into the agreement with Ansal API for taking advantage of the latter's knowledge of the Indian market and regulations.

Deyaar will have a 40 per cent stake in the township. The project will be the first of the many townships that Deyaar and Ansal API may develop in India in the future, according to the sources.

Established in 2001 as a wholly owned subsidiary of Dubai Islamic Bank, Deyaar Development PSC is headquartered in Dubai.

Deyaar's decision highlights the growing interest of West Asian real estate developers in India. The UAE-based developer Nakheel recently inked a pact with DLF Ltd to develop townships in North and West India. Another Dubai-based company Al Fajer Properties is scouting for a partner to make its foray into India to develop commercial properties and townships.

More Stories on : Alliances & Joint Ventures | Real Estate & Construction | Outlook

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