New Delhi: Realty company Raheja Developers on Friday announced a joint venture with Dubai-based Arabtec Construction to build real estate projects in India and awarded contracts of Rs 1,020 crore to the JV firm for three housing projects.
Arabtec Construction, which built the world’s tallest tower Burj Khalifa in Dubai, would hold 63% in the joint venture ‘Arabtec Raheja´ and the remaining 37% would be with Raheja Developers.
The JV firm would construct high rises buildings in Delhi and Gurgaon, which Raheja said would be one of the tallest towers in the country.
“We must match international standards in construction. So, we have partnered with Arabtec to take construction in India to another level,” Raheja Developers chairman Naveen Raheja told reporters here.
The Delhi-based company has given contracts worth $204 million (about Rs 1,020 crore) to the joint venture firm for developing its three luxury housing projects - two in Gurgaon and one in the national capital, he said, adding that the JV firm would execute projects of other developers as well.
The JV would soon start development of 56 storied (195 metre) housing project ‘Raheja Revanta´ in Gurgaon comprising 1,200 units. It would later build Raheja’s tallest project in Delhi ‘Raheja Phoenix´ having 54 storied tower with helipad.
The height clearance for both the building has been cleared by DGCA (Director General Civil Aviation).
On the JV with Raheja, Arabtec Construction Commercial director Martin Pinder said: “Our strategy is to diversify in other geographic locations. We were looking at Indian market for considerable period of time. We have found reliable and experienced partner in Raheja to enter India”.
Arabtec Construction, a subsidiary of Arabtec Holdings, is the leading contractor in UAE having a workforce of more than 40,000 people. It is currently working in 44 projects in 11 countries.
Reheat also tied up with Amatrra Spa for managing its exclusive club in ‘Raheja Revanta´ project at Gurgaon.