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Hyderabad News.NCC Renews Dubai Development Plan

Hyderabad News. DNA 11.05.2010


(Excl Ventures News.)Nagarjuna Construction Co (NCC) has revived its property development plans in Dubai after going slow until there was recovery in the market. The company was planning to come up with two towers for commercial and residential purposes, but had put the plan on hold with the realty market in Dubai hitting a speed-breaker. "We have revived the project. We are taking up the first tower now. We have invested close to Rs 50 crore from our side so far and also pumped in about Rs 180 crore collected in the form of advances from buyers on civil works there," Mr Y D Murthy, NCC''s senior vice-president (finance), said. The towers would have 32 floors.




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However, in the first tower, which it plans to develop immediately, it would look for further payments from the buyers after about six floors have been built. The infrastructure company has already sold about 440 apartments. The twin towers project, NCC Harmony, covering 2.3 million square feet of built-up area at the DuBiotech free-zone, is the first project by the company in Duba


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NCC in Dubai


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