India’s Sobha Developers plans to start a new project in the most flourishing land of Dubai. This project is estimated at an amount of $3 Billion. Sobha Developers will invest in Dubai Meydan Project which worth $3 billion. Sobha Developers is one of the multinational real estate firms of India. Sobha Developers have announced that it would start work on the Meydan City Project by early 2013 and so it will become one of the 2013 new projects.
The group added that the master planning and designing of the project have been done and they are just waiting for the necessary approvals. Anyway by the beginning of 2013 they expect to break ground and they reported that they will also launch the project to the buyers too by then.Vice-Chairman of Sobha Developers, Ajay Rajendran said to Gulf News.
Reports show that this is the first project in this region after the global financial crisis. Global financial crisis occurred in October 2008 and really had a severe impact on this region. The real estate business was shattered. Many projects were stalled or cancelled by the builders during the financial crisis.
Meydan City Project investment by the Sobha Developers raises the eyebrows of many. To invest in a major project in a region that is still affected by economic downturn has become a matter of discussion. PNC Menon, the Chairman of Sobha Developers said to the Gulf News that no one will be able to see the top while standing at the lower part or bottom. He pointed to the factual truth that most opportunities knock during the downturn and one should be able to see those opportunities.
According to him Burj Khalifa and Dubai Marina are two major locations where property has price appreciation. He said that these are the two areas of better investment and being a long term believer in the future of Dubai, he is going forward with his decision to investment in Meydan City Project. Dubai being the sole global city between London and Hong Kong there are all chances for the demand to return.
Within a four kilometers limit from Burj Khalifa, locates the Sobha City. Sobha City contains 280 villas, garden homes in its nine towers which will also have retail facilities within the city. The project is expected to be completed within a time period of seven to eight years. Rajendran disclosed.