The loan tenor is for 8 years and structured in a way to keep the interest rate lower than the prevailing market rates , as per to a senior Meydan official.
It was previous year that Meydan signed its first financing deal with CBI, which is the local affiliate of
Simultaneously, Meydan and Emirates will explore whether further properties can be developed along the same lines. 500 villas in the new tranche are to be delivered by March next and the rest in five phases over a further 24-month period based on construction timelines.
The first of the Emirates villas will be prepared for occupation soon. A senior Meydan official said it is unlikely that the master-developer would go for similar arrangements with other big corporate entities in
Meghnad Warrier, vice-president for finance and investment at
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