India’s Sobha Developers is planning to commence a new project in the thriving land of Dubai. This project is estimated to cost a substantial amount of $3 Billion. The company intends to invest in the Dubai Meydan Project, valued at $3 billion. Sobha Developers, one of India's multinational real estate firms, has announced that it will begin work on the Meydan City Project by early 2013, positioning it as one of the notable 2013 new projects.
The group has stated that the master planning and designing phases of the project have been completed, and they are currently awaiting the necessary approvals. They anticipate breaking ground by the beginning of 2013 and have reported that they will also launch the project to buyers at that time. Vice-Chairman of Sobha Developers, Ajay Rajendran, shared this information with Gulf News.
This project marks the first significant development in the region following the global financial crisis, which occurred in October 2008 and had a profound impact on the area. The real estate industry was heavily affected, with many projects either stalled or cancelled by builders during the financial crisis.
Sobha Developers' investment in the Meydan City Project has drawn attention and sparked discussions, particularly given the decision to invest in a major project in a region still impacted by an economic downturn. PNC Menon, the Chairman of Sobha Developers, highlighted in an interview with Gulf News that opportunities often present themselves during downturns, and it is crucial to recognize and seize these chances.
According to Menon, Burj Khalifa and Dubai Marina are two key locations where property values have appreciated significantly. He emphasized that these areas are prime for investment and, as a long-term believer in Dubai's future, he is moving forward with the decision to invest in the Meydan City Project. Dubai's position as the sole global city between London and Hong Kong increases the likelihood of a return in demand.
Sobha City, situated within a four-kilometer radius of Burj Khalifa, will feature 280 villas and garden homes across nine towers, complete with retail facilities within the city. The project is expected to be completed within seven to eight years, as disclosed by Rajendran.