Raheja Developers to form joint venture with Saudi Arab firm

NEW DELHI: Realty firm Raheja Developers is in advanced stages of negotiations with a Saudi Arab-based developer to form a joint venture for mainly constructing housing properties in the two nations.

According to sources, Raheja Developers is talking to 'Abdulhadi A Al Qahtani Sons Group' and a delegation is likely to visit the Arab nation within this month to give a final touch to the joint venture agreement.

"The agreement is likely to be signed during the visit. If for some reason it is not signed this time, then it will be formalised during the visit of an Assocham delegation to Saudi Arab in April," a source close to the development said.

The companies are looking at developing projects in both Saudi Arab and India, sources said.

When contacted, Raheja Developers Chairman Navin Raheja said: "We are exploring possibilities in Saudi Arab and talking to some players there. If everything goes well, we are thinking to start identifying housing projects within next six months."

Established in 1989, the National Capital-based real estate firm is currently developing high-end residential, commercial and Special Economic Zones projects worth Rs 3,000 crore along with its associates across different parts of the country.

Besides, the company has also tied up projects worth Rs 7,000 crore for the current fiscal.