few months ago, India was considered as a significant destination for global realty developers and foreign institutional investors. Now, with increasing oil prices and a softening of the real estate market, it is turn of the Indian realty market to make a crossover. Realty firms such as Piramal Sunteck Realty, Ajmera Group, Mantri Realty and BSEL Infrastructure are all set to plan overseas projects. Piramal Sunteck Realty is planning to partner Oman's business major, W.J. Towell Group for developing high-end mixed-use properties in Muscat. Hiranandani Group is building a residential tower ‘23 Marina’ in Dubai in association with Eta Star Properties. Hircon International recently launched the 90-storeyed high-end super luxury project. The Ajmera Group has formed a joint venture with Mayfair Housing to construct a 7.31 lakh sqft high-end residential and commercial tower in Bahrain. BSEL Infrastructure Realty Ltd has signed a memorandum of understanding with the Government of Malaysia’s statutory body Iskandar Regional Development Authority for developing the Iskandar metropolis. The company has committed an investment of Rs 18,000 crore, to be spread over 12 years.
19 June 2008 The Hindu Business Line