In a landmark deal, leading real estate company Raheja Developers has inked a $204 million (about Rs.960 crore) contract with Dubai-based Arabtec Construction company for construction of three mixed use projects in Delhi and Gurgaon including a 50-storeyed residential-cum-commercial complex in the heart of the Capital.
Arabtec is UAE's largest construction firm and it is its first contract under the joint venture with Raheja Developers. The formal announcement of the joint venture and its details would be announced later.
The Dubai-based builder will hold a 63 per cent stake in the venture. The three projects are to be built over the next 48 months. The Raheja Revanta Project, located in Gurgaon (Haryana), will include a high-rise apartment tower and around 1,000 low-rise buildings.
The Raheja Phoenix Project, located at Shadipur depot in Delhi, comprises a 50-storey residential tower, a shopping mall and 2,800 affordable housing units. The Raheja Shristi Project, also located at Gurgaon, will see the construction of 300 residential high-end apartment units.
