Business | Property
Property Tech buys Indian real estate for Dh110m
Property Tech, a subsidiary of Tech Group, has purchased two properties in India worth around Dh110 million as part of its plans to tap into new promising markets.
- Staff Report
- Published: 00:05 April 7, 2008
Dubai: Property Tech, a subsidiary of Tech Group, has purchased two properties in India worth around Dh110 million as part of its plans to tap into new promising markets.
"The deal fits within the group's ambitious strategy to capitalise on highly promising property markets," said Ali Ghalib Jaber, Tech Group CEO, singling out his group's plans to access the Turkish market.
"India is one of the world's fastest growing real estate markets, and having a foothold there means that we can gain ground with Indian investors."
Real estate in India has seen a boom after the government of India opened up the construction sector in 2006, allowed 100 per cent foreign direct investment.
The country is, however, in need of further incentives to ensure more flexibility in the construction sector and meet its financing needs, estimated at $350 billion, Jaber said.
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