Dubai-based ETA Star real estate firm plans to utilize its funds to develop 120 million square feet of land in India.

Dubai’s ETA Star Property Developers mulls a fund of $400 million via Islamic bonds to enter Asian markets as diverse as India and Laos. The real estate firm is planning to utilize its own funds to develop 120 million square feet of land in India, and enter other markets in Asia.
ETA Star Property’s executive director Abid Junaid said: “We’re talking to institutional investors to raise $250 million in a first tranche. ETA Star also wanted to raise $100 million to $150 million in Islamic bonds, or sukuk, as Sharia-compliant products are very much in demand in the Middle East.”

ETA Star is one of several Dubai-based real estate firms, including Emaar Properties and Nakheel, which have joined a wave of foreign investment in Indian property market since the country eased rules on inward investment in the realty industry in 2005.