Mumbai-based BSEL Infrastructure Realty Ltd said it has inked a memorandum of understanding with the Government of Malaysia''s statutory body Iskandar Regional Development Authority for development of the proposed Iskandar metropolis. BSEL Infra has made an investment of Rs 18,000 crore, to be spread over 12 years, in the project. The infusion in phase I will be Rs 2,500 crore. BSEL plans to develop 70 million sq ft, comprising 80 per cent residential and the rest commercial, in three phases with 10 million sq ft in phase I. BSEL''s subsidiary in the UAE was building a 5,000-apartment complex and bookings for units had started.
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