Bengaluru, July 29 -- Chennai-based developer Casagrand has signed memoranda of understanding (MoUs) for two residential projects in Dubai, which is seeing a cooling real estate market amid the war in West Asia.
The two new projects-a high-rise and a low-rise development-have a combined gross development value (GDV) of Rs.1,000 crore. These are located in two different places in Dubai and will be developed through the joint development route with respective local partners, as per a top company executive.
The Dubai property market, which has performed well in recent years, has been attracting Indian developers over the past two years. While the West Asia war may have slowed down plans for many developers, it has also created opportunities for companies seeking value.
"The current market condition in Dubai has thrown up opportunities at good value that make it conducive for taking up new projects and expansion," Casagrand founder and managing director Arun Mn told Mint.
"There are good deals available today. The geopolitical tension may have had some impact, but we have an optimistic view on the Dubai property market."
Anarock Property Consultants said in a July report that Dubai's residential real estate market has remained resilient despite geopolitical tension.
While the Iran conflict impacted buyer sentiment in March and April, the correction was largely driven by market psychology rather than weakening fundamentals. Residential prices declined by 4-7% between February and April. Residential transaction value in the first half of 2026 was 16% lower than in 2025.
In December, Casagrand had said it plans to develop multiple premium living projects across the UAE over the next few years, signalling its long-term commitment to the region.
The developer had launched its maiden residential project named Casagrand Hermina in Dubai last December, marking its entry into the international market. The residential project with 131 residences is located in the Dubai Islands district and has a total GDV of Rs.1250 crore. It has sold inventory worth Rs.500 crore so far.
In June, market regulator Securities and Exchange Board of India (Sebi) issued observations on Casagrand's draft papers for its initial public offering.
Casagrand has proposed to raise Rs.1,200 crore via fresh issue, while promoters Arun MN and Casagrand Luxor will be selling shares worth Rs.20 crore via offer-for-sale. It may also consider raising up to Rs.240 crore in a pre-IPO round before filing the red herring prospectus to open the IPO to the public.
Meanwhile, Sunteck Realty chairman and managing director Kamal Khetan, in a post-earnings call earlier this week, said all regulatory approvals are in place for the launch of the Mumbai-based developer's debut project in Dubai with a local partner. However, the timing of the launch has been recalibrated and is yet to be decided, Khetan said. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]