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State-owned NBCC (India) Ltd has taken a significant step towards international expansion by acquiring nearly 15,000 sq ft of prime land in Dubai Mainland for AED 15 million, equivalent to around INR 37 crore. The land will be developed into a mixed-use real estate project and marks NBCC's formal entry into overseas real estate development. The acquisition has been executed through NBCC Overseas Real Estate LLC, a wholly owned subsidiary set up to spearhead the company's international operations. The move aligns with NBCC's strategy to diversify its real estate portfolio beyond India and tap into the growing demand in the Dubai property market, which continues to attract strong interest from Indian developers and investors
State-owned NBCC (India) Ltd has purchased nearly 15,000 sq ft of land in Dubai for AED 15 million, equivalent to around INR 37 crore, to develop a mixed-use project, signalling its entry into overseas real estate development.
In a regulatory filing, the company said it has initiated its international real estate operations in Dubai through NBCC Overseas Real Estate LLC, a wholly owned subsidiary. As part of this move, the subsidiary has acquired a prime land parcel measuring 14,776.80 sq ft in Dubai Mainland for mixed-use development.
NBCC is primarily engaged in project management consultancy and real estate development. The Dubai acquisition aligns with its strategy to expand beyond the domestic market and tap international real estate opportunities.
The Dubai property market has seen increasing interest from Indian developers and investors. Realty firm Sobha Group already has a significant presence in Dubai, while Sunteck Realty has recently announced its entry into the market. Indian nationals continue to be among the largest investor groups in Dubai's real estate sector, driven by strong demand and investor-friendly policies.
Source - PTI
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