The Creation of Rohtas Holdings Gulf, a completely owned subsidiary by Omaxe is to arrange the development in Gulf construction project. Rohtas Holdings through a special purpose vehicle (SPV) by the name of Golden Crescent RED and General Trading would develop a Rs 1,350 core residential project in Dubai and through another SPV named Marine Sands develop another Rs 1,500 crore project in Dubai.
This move is part of Omaxe's plans to exploit the Dubai property market.Omaxe has a land bank of over 4,000 acres with higher presence in north India. It had also introduced an IPO last year to raise over Rs 600 crore.
Other Indian players who are eyeing the Gulf property market include Parsvnath Developers who have a joint-venture with Oman-based Al-Hassan Group.
