The booming real estate market in India as well as the UAE is attracting a growing number of developers from the two countries to expand their footprints in the each other’s domain.
While Indian developers like Nahar Group and Sheth Estate Ltd are seeking presence in Dubai, UAE based firms like Sternon Group are setting up real estate projects in India.
Sheth Estate is pumping 1.5 billion dirhams into Dubai’s real estate market with its first two ventures – Iris Blue and Iris Bay, residential towers located within Dubai Marina.
“Construction is scheduled for completion in December, and today the 23rd floor is completed, which means we are ahead of time. Now 90 per cent (125 units) of the tower has already been sold to investors and end-users,” says Iris’ General Manager Vimal Agrawal.
At the same time, Nahar Group, one of Mumbai’s leading real estate developers, has opened an office in Dubai to serve a growing clientele here, especially the NRIs.
The Dubai office, besides catering to the customers in the Middle East, will also target the growing interest of NRIs based in Hong Kong, United Kingdom and United States in Nahar’s Amrit Shakti project near Powai in Mumbai.
On the other hand, Dubai-based real estate firm Sternon Group has entered Mumbai’s booming real estate market with a Rs 1,200 crore mega-project on the Mumbai-Pune Express Highway near the proposed New Mumbai International Airport in Panvel.
With customers in 28 countries, Sternon is marketing the project in overseas markets, including the Gulf, with a global marketing tie-up
with Garnet Construction Ltd, a publicly traded Indian real estate developer.
Besides UAE, Sternon has previously developed properties in the US and UK as well in the past.