New Delhi-based Raheja Developers has lined up a series of joint venture housing projects with a planned investment of around R2,000 crore. It is forging a 50:50 JV with Tata Housing, a wholly-owned subsidiary of Tata Sons, to build a 100-acre township in Haryana’s Sohna at R500 crore. It has also formed a venture with Dubai’s largest realtor ArabTec, known for its iconic Burj Khalifa building, to develop three housing projects at an initial investment of around R1,000 crore. The company is also close to forming a JV with UAE?s Engineering Contracting Company (ECC) for two housing projects in Gurgaon worth R500 crore. Work on the projects is expected to begin next fiscal.
This will be the second time Tata Housing and Raheja are coming together, after their earlier joint venture which built the Raisina Residency in Gurgaon.
With ECC, Raheja will build luxury housing projects named Veda Floors and Vedana ? both in Gurgaon. When contacted, Raheja Developers chairman Navin Raheja said: ?The JV with ArabTec has already been inked. The remaining ventures with Tata Housing and ECC will be finalised soon.? He declined to give investment details of the respective projects citing compliance issues with the companies.
With ArabTec, Raheja Developers will build three mixed-land use projects in New Delhi and Gurgaon. Dubai’s largest builder will hold a 63% stake in the venture. The three projects are to be built over the next 48 months.