Indian business group makes realty push into Dubai | GulfNews.com:
"One of the biggest Indian-owned businesses in the wider Gulf, the R.P. (Ravi Pillai) Group plans to deploy $1.5 billion (Dh5.5 billion) on real estate development in Dubai, with two projects in Business Bay and another at Downtown. It is the first time the $3 billion plus entity is getting into realty in these markets, with general and industrial construction having been its core focus until now.
Acquiring the plots came to a “few hundred millions of dirhams”, according to a top official. The Group is targeting real estate as contributing 10 per cent of overall turnover before the end of the decade. During this period, group turnover is projected to grow at between 5-10 per cent, according to the founder and chairman, Dr Ravi Pillai in a telephone interview from Bahrain where the Group is headquartered.
The 3 million square feet project will have serviced apartments, residences and a dedicated retail precinct as well as a five-star hotel. Others include a five-star hotel in Dubai Marina to be operated by Crowne Plaza, a four-star hotel in Bur Dubai to be managed by India’s ITC Group; and a serviced apartment complex near Downtown Dubai."
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