Akruti City plans foray in Middle East, other Indian cities

Written by Reuters | Mumbai, March 31: | Updated: Mar 31 2008, 15:39pm hrs
Real estate firm Akruti City Ltd plans to make its first international foray in the Middle East later this year, with projects in both residential and commercial segments, a top official said on Monday.

"We had sent our team to study the Middle East market and they came back with very encouraging growth prospects," Akruti's Managing Director Vyomesh Shah told Reuters in an interview.

The Mumbai-based developer also plans to expand its domestic portfolio to other states in western and central India including Gujarat, Karnataka, Rajasthan and Madhya Pradesh.

Akruti's plans to sell shares privately to units of AIG and Citigroup, to raise nearly 13 billion rupees, had fallen through, he added.