A joint venture of Dubai's Emaar Properties and India's MGF Developments Ltd plans to invest in India more than $12 billion over the next four to five years, a newspaper reported on Saturday.
Of the total sum, $3-4 billion would come in as foreign direct investment, the Financial Express said quoting Shravan Gupta, executive vice-chairman and managing director at Emaar-MGF Land Pvt Ltd.
The paper said Emaar-MGF planned to invest in residential, hospitality, commercial and retail properties as well as make investments in education, healthcare, information technology parks and special economic zones across the country. "Both JV partners would create synergies to bring real estate to global standards," the paper quoted Gupta as saying.
On Wednesday the Indian government said that it aimed to attract $30 billion in foreign direct investment in the 2007/08 financial year and expected the property sector to draw more than $3 billion reached last year. India's property prices doubled in the last two years as the economy, growing at more than 9 percent a year, boosted demand for shopping malls, houses and offices.