Emerging markets property developer Plaza Centers NV recently announced the signing of a joint venture agreement with Israel-based firm, Elbit Imaging, to develop three significant projects in India. These projects are strategically located in Bangalore, Chennai, and Kochi, collectively boasting an impressive budget of approximately 3.4 billion dollars, as revealed by Plaza in a regulatory filing to the London Stock Exchange. Under the terms of the contract, Plaza will acquire a 47% stake in Elbit India Real Estate Holding Ltd, which currently possesses a stake ranging from 50% to 80% in these three projects, thanks to local Indian partners. Presently, these projects are at the planning and design stages and are anticipated to commence in 2009. "Through this joint venture, Elbit and Plaza are set to take advantage of India’s flourishing economy and thereby mark a new era of growth for Plaza," stated company CEO Ran Shtarkman. He further explained that there is a notable demand in the Indian market for luxurious residential accommodations, four and five-star hotels, along with modern retail complexes. "We look forward to meeting some of this demand with the delivery of these large projects, and we will continue to seek parallel opportunities in the future," he added. In terms of governance, the voting rights within the joint venture will be evenly divided, with both Elbit and Plaza holding a 50:50 stake. Furthermore, Plaza is set to contribute a nominal fee to acquire its stake in the joint venture. According to their filing, this new venture is also on the lookout for opportunities to undertake large mixed-use developments in India, primarily focusing on residential or office-based projects. "In addition, Plaza will proceed to develop, manage, and seek out new opportunities for shopping center projects in India independently from the JV," the filing concluded.