Realty firm RAK plans mega project in UAE

HYDERABAD: Ras-Al-Khaimah (RAK), a public joint stock firm and realty developer, plans to come up with 1,000 villas and town houses in United Arab Emirates ( UAE).

Talking to media persons here on Wednesday L K Varma, Managing Director of Orange Real Estate, partner in the multi- billion project, and Ralph Chkaibane, Director of Sales RAK Properties, said the housing units would cost between Rs 2.75 crore and Rs 5.50 crore.

Of the total housing stock, 100 have already been sold globally and handed over to the buyers, they said.

The required infrastructure for the scheme has been completed. The project has been appreciated well by the Indian investors, Varma said.

In order to promote the project, the company, along with its associates, is organising a three-day presentation which will be inaugurated by Andhra Pradesh Chief Minister K Rosaiah on July 23.