Sobha Group, the Indian real estate giant, has announced that a large portion of its developments in Dubai will be created with the aim of providing well appointed, affordable housing options, locally.

The group launched its first residential project Sobha Daffodil at Jumeirah Village in October.

'We intend to reach end users paying monthly rents in the range of Dh5,000 ($1,362) to Dh6,000. Our talks with leading banks have convinced us that an EMI (equated monthly installment) in this range can be worked out easily for Sobha Daffodil,' said vice-chairman, Sobha Real Estate, Ajay Rajendran.

Sobha Daffodil at Jumeirah Village is a residential development housing 178 apartments, offering a range of studios, one-bedroom, two-bedroom and three-bedroom apartments.

The Sobha Group expects to announce a regional portfolio of over Dh2 billion by the middle of 2008 which will include a range of commercial and residential properties at premium locations in Dubai. - TradeArabia News Service