Ansal Properties enters into MOU with a Real Estate Company in Dubai

                                                                                         

Ansal Properties & Infrastructure Ltd has announced that a Memorandum of Understanding (MOU) / Term Sheet has been entered between the Company and Deyaar Development PSC, a real estate Company in UAE, with head quarters in Dubai, (in short Deyaar), for developing a mega mixed use township comprising of residential, commercial, institutional and industrial properties in India. As an effort to redefine lifestyles for all, Ansal group has been spearheading the township concept. Completely self-sufficient and planned township.

The MOU / Term Sheet records the broad terms and conditions which includes Deyaar agreeing to take upto 40% stake in the project. Deyaar shall bring into India its international expertise and funds in compliance of all legal requirements and / or with the requisite approvals, to complement the business of the Company in real estate development.

Deyaar is a wholly owned subsidiary of Dubai Islamic Bank, and one of the fastest growing real estate Companies in the region. It currently manages over 16,000 commercial and residential properties in many parts of the World.

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Source: IndiaRealEstateblog

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