The Dubai-based real estate firm, ETA Star, is positioning itself for substantial growth by planning to invest funds into the development of an impressive 120 million square feet of land within India.
With sights set on expanding its reach, ETA Star Property Developers is contemplating the creation of a fund amounting to $400 million, raised through Islamic bonds aimed not just at India, but also extending to markets as diverse as Laos.
Abid Junaid, executive director of ETA Star Property, stated, "We’re talking to institutional investors to raise $250 million in a first tranche. ETA Star is also looking to secure an additional $100 million to $150 million through Islamic bonds, or sukuk, which aligns with the prevalent demand for Sharia-compliant financial products in the Middle East."
This ambitious move aligns ETA Star among other notable Dubai-based real estate firms, like Emaar Properties and Nakheel, as they ride the wave of foreign investment flowing into the Indian property market—a phenomenon fueled since 2005 when India relaxed its regulations governing foreign investment in the real estate sector.