State-owned NBCC (India) Ltd has bought nearly 15,000 sq ft of land in Dubai for AED 15 million (Rs. 37 crore) to develop a mixed-use project, as part of its plan to expand the real estate business overseas.
In a regulatory filing on Wednesday, December 24, the company said that it has taken a step in the international market by starting its overseas real estate operations in Dubai through NBCC Overseas Real Estate LLC, a wholly-owned subsidiary.
"The NBCC Overseas Real Estate LLC bought a prime land parcel of area 14,776.80 sq feet worth AED 15 million in Dubai Mainland for mixed-use development," the company said.
NBCC is into project management consultancy and real estate businesses.
Realty firm Sobha Group has a big presence in the Dubai property market. Recently, Sunteck Realty has announced its foray in Dubai market. Indian nationals invest a lot in the Dubai real estate market.
