Omaxe a realty firm plans to venture its Rs 600 crore as an investment into Dubai property market and is aiming to build up ten to twelve projects over the next three years.
Omaxe, the Delhi based company has recognized some projects in Dubai, which it would build up along with local partners, sources said.
Omaxe is in negotiations with local developers for tie-up and the deal is likely to be finalised soon, they said, adding the company is looking at Dubai market as it offers better return than the Indian property space.
It has set up a subsidiary to develop projects in the overseas market and is looking at the Dubai property market to begin with.
The company is likely to firm up its plan within the next one month and would infuse about Rs 100 crore in the first year to develop residential and commercial projects, they added.
Another leading real estate firm Parsvnath Developers has also announced its foray into the overseas property market and has entered into a joint venture with Al-Hassan Group to step into the Oman market.
In India, Omaxe last week announced its plans to develop 10 lakh affordable homes for low-income groups over the next five years, which would entail an investment of Rs 80,000 crore.
The prices of the flats would be in the range of Rs 3-15 lakh per unit and the project would come up in Tier II and III cities such as Sonepat, Nimrana, Bhiwadi.
Omaxe has a land bank of over 4,000 acres with major presence in north India. It launched its Initial Public Offer last year to raise over Rs 600 crore.
