NCC signs financing deal with Badr Al Islami

NCC Urban Infrastructure Limited, a subsidiary of India's Nagarjuna Construction Company Limited, has signed an agreement with Badr Al Islami, the Islamic banking division of Mashreqbank Group, to offer end user finance for buyers of its NCC Harmony project, a statement said.

The bank will be offering 90 per cent financing on both the residential and serviced apartments on the project. This offer is for UAE residents.

For GCC or other international investors in the project the bank will lend 70 per cent of the value of the project, a press statement said.

The company had unveiled the Dh1.5 billion project at Dubai Biotechnology and Research Park in November 2007. Construction has already begun with contracts for excavation, piling and shoring being awarded to Dutch Foundation and Concrete Processing Company.

Slated for completion between May and July 2010, the development will encompass two 32-level towers – one, fully residential and the other, a mixed usage of residential and furnished service apartments.

The project will be fully sustainable and environmentally friendly, equipped with a health club, spa and pool area of over 53,000 square feet.

NCC Urban currently has development projects on about 529 acres of land, including villas, IT parks, special economic zones, and commercial complexes in various Indian cities.

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