Tag: Dubai

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ED Flags Indian Credit Card Transactions for Dubai Real Estate

MUMBAI: As rain dampens Dubai, the property market faces stress, prompting Indian buyers who used credit cards for their purchases in Dubai to receive notices from the Enforcement Directorate (ED). These buyers often used international credit cards (ICCs) during their visits to the Emirates for initial deposits or clicked on developer-sent payment links, likely unaware that they were violating Indian laws. Sources indicate that at least three individuals received notices from the ED in February, inquiring about the source of their funds for these transactions. Credit card transactions are treated as short-term loans, and foreign exchange regulations restrict individuals from…

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NBCC Launches Real Estate Operations in Dubai

NEW DELHI: NBCC (India) has launched its international real estate ventures in Dubai through its wholly-owned subsidiary, NBCC Overseas Real Estate LLC. This subsidiary has acquired a land parcel in Dubai Mainland for AED 16 million, which includes AED 1 million for DLD, brokerage, and other associated costs, aimed at a mixed-use development. The development will have a Gross Floor Area (GFA) of 51,718 sq ft, featuring a configuration of G+2P+8 floors, with expected project revenue in the range of AED 58-60 million. Additionally, NBCC announced signing a memorandum of understanding (MoU) with the Mumbai Port Authority (MbPA) for the…

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Nisus Finance Buys Dubai Motor City Tower for ₹536 Crore

Nisus Finance Services Company (NiFCO), a publicly listed alternative fund manager and urban infrastructure investor, has made its largest investment in the UAE by acquiring the entire residential tower Lootah Avenue in Dubai Motor City for ₹536 crore. This investment includes the acquisition of the property on a 3.34-acre parcel, along with transaction costs and refurbishment expenses. The multi-level building features two basements, a ground floor, 23 residential floors, and a rooftop. It offers a gross floor area of 304,680 sq ft and a net saleable area of 260,000 sq ft. Completed in 2021, Lootah Avenue consists of 273 apartments,…