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Thursday, April 29, 2010

Rakeen eyeing major investments in India

UAE-based realty major Rakeen has announced plans to launch integrated mega township projects in India, it was revealed to Property Pulse.
In an exclusive interview with Property Pulse on the sidelines of just concluded Realty Plus Conclave 2010 held in the Capital, Dr. Khater Massaad, Executive Chairman, Rakeen and CEO, RAK Investment Authority (RAKIA) said that India has become the most attractive destination as there is a huge demand for real estate projects. “Moreover, the country enjoys an excellent relationship with the Emirate,” he added.
Rakindo Developers Pvt Ltd, a joint venture between Rakeen and Chennai-based Trimex Group, is currently engaged in completing its first integrated township project in Coimbatore in Tamil Nadu. “The date for booking for this project will be announced in June,” informed Dr. Massaad.
According to Prasad R Koneru, MD, Rakindo Developers Pvt Ltd, Rakindo is developing Kumarakom Wetlands in Kumarakom, Kerala and Chennai Marina in Tamil Nadu. “The 1000-acre Kovai Hills township project in Coimbatore will also feature a luxury resort and a spa. Besides offering luxury living options under this project, the company is also creating affordable housing just alongside the main project,” added Koneru.
Rakeen is also involved in projects like infrastructure and ports development in India. Meanwhile, the much talked about Al Marjan project, a cluster of five coral-shaped man-made islands spread over 2.7 million sq mt off the coast of Ral Al Khaimah — is being developed in the emirate. The project comprises waterfront homes, floating villas, hotels, resorts, sporting facilities and commercial areas.
The company’s other projects include Bab Al Bahr, RAK Financial City, Gateway City, RAK Convention Centre, Banyan Tree Al Wadi Resort and Jabal Al Jais, among others. Rakeen also has projects in countries like the Congo, Georgia, Lebanon and Kyrgystan.

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