MumbaiFeb. 9BSEL Infrastructure Realty (FZE) plans to build four residential towers at a cost of Rs 1,600 crore inEmirates City, UAE. Around 45 lakh sq feet of land was sold to FZE for Rs 135 crore by R Holdings, the State agency in charge of the Emirates City development. "The total cost of construction would come to around Rs 1,600 crore, including the cost of the land, while the saleable value of the property is put at Rs 2,100 crore to yield a profit of around Rs 500 crore," said Mr Dharmendra Raichura, managing director of FZE.
The project is scheduled for completion in three years.
FZE is a wholly owned subsidiary of Mumbai-based BSEL Infrastructure Realty Ltd listed on the BSE, the NSE and the Luxembourg Stock Exchange.