Gurgaon-based DLF, is forming a 50:50 joint venture, with UAE-based property developer Nakheel, for two integrated townships in India, reports Business Standard.
The joint venture, involving DLF and Nakheel, plans to develop a total of 40,000 acres of property, at Gurgaon and in Maharashtra, with an investment of USD 10 billion.
According to a source close to the development, the cost of the land would comprise nearly 40% of the USD 10 billion investment. Roughly 70% of the land has been acquired by DLF.
Construction work on the projects will begin this year, with the first phase scheduled to be completed in three years.
(24 March 2007)
DLF will raise funds through debt, equity and internal accruals. The JV, will look at a realty fund in the future, on the lines of the USD 1.5 billion DLF-Laing O'Rourke infrastructure fund.
Nakheel is developing 17 major projects, worth more than USD 30 billion, and has projects like The Palms, Dubai Waterfront and The World to its credit. This will be its maiden foray into India.
DLF is a leading real estate developer primarily operating in the NCR region. The company operates in three prime divisions that of residential, commercial and retail. It has forayed in other areas like residential, commercial and retail.
The company's, other joint venture partners include Hilton Hotels, Feedback Ventures and United Kingdom-based infrastructure company Laing O'Rourke.
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