The real estate arm of the Dubai Islamic Bank, Deyaar, has signed a joint venture with Ansal API to construct a township project in India.

As per the memorandum of understanding signed last week, a mixed use township incorporating residential, commercial and industrial spaces would be built.

The coming together of the two corporations will combine the international expertise of Deyaar with the rich knowledge of the local market of the Ansals.

Large corporates of the UAE have shown an eagerness to invest in real estate in India - Nakheel’s tie up with Parsvnath and DLF, and Emaar’s joint venture with MGF have been major commitments in recent months.

On the other hand, Indian builders like DLF are also exploring real estate opportunities in the UAE. Deyaar, with its expertise in design, execution and financial strength, has been scouting the world market for investment in real estate projects, and the mood is upbeat about the venture with Ansal API.

The latter has held a rock-solid reputation for the last 40 years, holding assets over USD 1 billion.

Ansal API has covered the whole gamut of construction projects in India for the residential, commercial, retail, hospitality and infrastructure segments, possessing the largest land bank of over 5000 acres

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