The stake owned by Limitless Group, part of Dubai World, in Bidadi Knowledge City in southern Karnataka state will be bought by a unit of DLF.
Currently, a restructuring worth 23.5 billion dollar is going on in the Dubai World.
In April 2009, Limitless said that since authorities there have not bought the required land, so it was looking a 12 billion dollar project; both residential and commercial in India.
In October 2007, India’s DLF and Limitless first time went into the construction of Bidadi city on the outskirts of Bangalore.
On Wednesday, the Cable Corporation of India made announcement that it has planned to enter into the real estate and will spend an amount of Rs. 1000 cr. in its first project. CCI Projects Private Ltd (CCP) is an associate company of CCI in which CCI holds 15% stake. CCI will be developing the project through CCP.
The project is entitled as Rivali Park. It is a project spread over an area of 22 acres located at Borivali, Mumbai. The project can be considered as a mixed-use development with various commercial, retail, entertainment, hospitality, and cultural elements.
The project will be completed in phases and would take around five to seven years to complete. The first phase is expected to complete within next 24 to 30 months and is part of the residential development.