DUBAI: Dubai’s third-largest traded real estate company Deyaar Development Co said 7th may that a deal to develop projects with India’s Ansal Properties & Infrastructure has been canceled.
“The memorandum of understanding between Deyaar and Ansal Properties to develop a project in India has been terminated by mutual consent,” Nasser al-Sheikh said in a statement on the Dubai bourse website.
The announcement comes amid a financial investigation into alleged embezzlement at the company, which has already led to the detention of it’s former chief executive Zack Shahin and three other people in connection with the probe. Deyaar shares closed flat at 2.37 UAE dirhams ($0.64), after falling intraday to 2.31 dirhams. The stock is down almost twenty per cent this year.
Ansal shares ended down 0.7 per cent to Rs172.95 on the Bombay Stock Exchange. Termination of the agreement came into effect from 7th may, Deyaar said in the statement.
Deyaar had granted to take up to forty per cent stake in a project to develop a township comprising of residential and commercial real estate in India, as par an Ansal disclosure previous year posted on the Bombay Stock Exchange website.
The company, which said in November it was thinking over a five billion dollar real estate project in India, added that it still plans enter the market and is in discussions with other prospective associates.
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2 Comments
Why is that possible ?But that was in the final stage which is to be going to contract for finalized to be developed the big townships.
India has “enormous potential in all its property investment categories”. Strong population growth, a large pool of qualified workers, greater integration with the world economy and increasing domestic and foreign investment are fuelling demand for office, retail and residential property. India’s burgeoning middle class will drive up nominal retail sales through 2010 by 10% p.a. At the same time, organised retail is becoming more important. At present organised retail accounts for a mere 3% of the total; by 2010 this share will already have reached 10%.India is the prime destination for IT services outsourcing. In the coming five years, at least 55 million m² of extra office space must be completed in the premium office segment alone. Property investments in India are not risk-free. Market transparency is far behind European or US standards. It is therefore vital for foreign investors to have a professional local partner. The lack of liquidity and upward pressure of pricing remain the main concern within the market.For more view- realtydigest.blogspot.com
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