Dubai-based realty firm Al Fajer Properties on Wednesday announced its plans to invest up to $1 billion to develop commercial and townships projects in India through joint venture route.
“We have looked at several locations - Gurgaon, Gujarat, Hyderabad, Mumbai and Chandigarh - for investments up to $1 billion through a joint venture,” Al Fajer CEO Shahram Abdullah Zadeh said. Al Fajer is in talks with two real estate developers in India and the JV is likely to be finalised soon, he said.
Besides, the firm also plans to create a real estate fund to facilitate investments by small investors in Dubai properties.
The company had received inquiries from small investors from India keen on investing in Dubai projects since it offered an attractive proposition to maximise returns with projected rental yield in excess of 20% per annum. "Our decision to create an Indian small investor-focused Al Fajer real estate fund is in direct response to this demand," Zadeh added.