India's Dheeraj Group forms real estate venture with UAE company

In a bid to participate in the booming real estate markets of the region and Dubai, Indian real estate developer Dheeraj Group has formed a joint venture, Dheeraj and East Coast, with UAE's East Coast.

The Mumbai-based company has announced its entry with a maiden twin-tower semi-mixed-use residential and commercial freehold project in the Dubai Marina.

"Dubai's booming freehold real estate market with a surging demand presents us with a significant entry platform into markets outside India," said Dheeraj Wadhawan, director of the new joint venture.

Wadhawan added that the new company is looking at launching a number of projects in the freehold areas in Dubai, including Business Bay and Dubailand. "We look at Dubai as a springboard for our further expansion into other growth-focused real estate markets in the region."

The Dheeraj Group was established in 1978, and is today considered a leading real estate project developer in Mumbai.

East Coast Group is a UAE-based business group established in the 1970s and owned by UAE nationals. While concentrating on construction and building materials, the group has diversified interests and investments in various businesses.