By Andy Sambidge
Indian gov't reportedly gives go-ahead for Dubai developer to end partnership with real estate giant DLF
The Indian government has reported approved plans by Dubai-based developer Limitless to exit its joint venture with a real estate major after failing to progress on a proposed project.
Its 2007 partnership with DLF, one of India's largest real estate companies, had planned to develop a township in Karnataka.
But according to local media reports, the venture failed to acquire the land required for the project and no building work has taken place.
Now, the government has allowed Limitless to walk away while repatriating some of the capital it put in to the joint venture, reports added.
The Foreign Investment Promotion Board (FIPB) has approved the proposal of DLF Limitless Developers Pvt Ltd, an official statement said.
"The proposal was related to exit of foreign investors and the repatriation of capital as the construction sector project could not even acquire land," it added.
Last month, Limitless said it is set to restart construction of its first residential tower at The Galleries, with 323 units for lease at the company’s flagship project in Dubai.
It said Galleries at Downtown Jebel Ali already comprised four completed, fully operational commercial buildings. Under an agreement with sister company Nakheel, Limitless will restart work on the first apartment building, it said.
Any venture in India or with Indian partners in India is a very RISKY step. India is far behind international standards and etiquette. You do not get what you see - simple as that.
Indian people are the very honesty. even every one so invest in India. i hope good return for you.. Thank You So much
@Mark X, true to last rupee, yes india ranks very low in the index of Worst Countries to do business with. Rampant corruption from top to bottom, harsh rules, lack of proper infra structure and an illiterate population make a bumpy ride for all foreign investments. The only advantage is cheap labour.
China, Malaysia are the preferred destinations for safe investments.
Foreign Investors in india have burnt their fingers and rue the decision.
Quality is rock bottom, ask Toyota(kirloskar) and you will know what we mean.