Dubai-based Al Fajer Properties said it is in talks with two unidentified Indian developers to form a joint venture for an investment of up to $1 billion (Rs4,100 crore) in Indian real estate.

The company said it plans to develop commercial projects, gated residential communities and townships and has been considering locations in Gurgaon, Hyderabad, Gujarat, Mumbai and Chandigarh. It also wants to create a fund for small investors in India to invest in Dubai properties.

Al Fajer is one of a growing number of Dubai companies showing interest in Indian real estate. It is moving into India despite signs that the real-estate market is softening.

The Al Fajer joint venture would not be the first cross-border partnership between developers in India and Dubai. Delhi-based DLF Ltd and Limitless LLC, a company owned by the Dubai government, recently announced that they had signed a joint venture to develop two townships in north and west India covering 40,000 acres. Emaar MGF Land Private Ltd was formed in 2005 between Emaar Properties PJSC of Dubai and MGF Developments Ltd in India. And Mumbai-based Hiranandani Developers Pvt. Ltd and Dubai-based ETA Star started construction late last year, on a 90-storeyed tower in Dubai that the developers say will be one of the world’s tallest residential buildings.
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