Deyaar ties up with Ansal to build township in India

Dubai: Deyaar, the real estate subsidiary of Dubai Islamic Bank, yesterday said it will build a township in India following its joint venture with Indian property major Ansal API.

The companies signed a memorandum of understanding (MoU) last week for a tie-up to develop a mega mixed-use township comprising residential, commercial, institutional and industrial properties in India.

"The partnership with the Indian property major envisages Deyaar bringing its international expertise to complement Ansal's established expertise in real estate development and rich knowledge of the local market and regulations," a Deyaar statement said.

Dr. Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry and Chairman of Deyaar, said the move was reflective of the expanding economic friendship being forged between India and the UAE. "This could not have come at a more opportune moment for Deyaar, which is currently looking for new and promising markets. I am sure the move will open a new and exciting chapter in the short yet successful history of Deyaar," he said.

Ansal Properties and Infrastructure Ltd (APIL), promoted by the New Delhi based Ansal-API Group, is one of the largest players in the Indian real estate market. With a track record of 40 years in the business and current market capitalisation of over $1 billion, the Ansal group has real estate expertise that spans township development, office and residential projects, retail malls and IT parks. With a land bank of over 5,000 acres in northern India, Ansal Group is one of the largest land bank owners in India.

Pranav Ansal, director of Ansal API, said, "We are delighted to have a successful partner like Deyaar which brings its world class expertise of design capabilities, construction technology and financial and management resources in building residential and commercial space to India."