An Indian group is to invest BD80 million ($212 milllion) over a three-year period in the Bahrain Bay Development, it has emerged.

Mumbai-based Ajmera Mayfair consortium is the latest to sign on as third party developer at the $2.5 billion development, located off the coast of Manama.

It will build a twin-tower apartment block with approximately 200 luxury units, with construction beginning towards the third quarter of next year and completed by the end of 2013, said Ajmera Group of Companies director Manoj Ajmera.

During a presentation at the Bahrain Bay offices, he said the company had thought long and hard before making the move to Bahrain, its first outside India.

'We were convinced Bahrain Bay was the most professional and well-managed development, which suited our plans perfectly.

'We have embarked on this project keeping everything in mind and we are sure we have made the right decision.'

He said though they will be investing around BD50 million in the project, banks and financial institutions will chip in with another BD30 million.

After having joined hands in 2007, the Ajmera Group of Companies and Mayfair Group turned into one of the largest real estate developers in India, with an annual turnover of more than $250 million and $1 billion in assets.

Currently engaged in more than 30 mega projects, the group joined the Bahrain Bay team after seeing the potential of real estate investment in the kingdom and learning about Bahrain's Vision 2030, said Ajmera.

He said the signing of the memorandum of understanding between the consortium and Bahrain Bay was witnessed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board (EDB) chairman and senior members of the EDB during a visit to India for promoting relations between the two countries.

During the event, the senior management team from the Ajmera Mayfair Group provided an update on their project's progress, in addition to announcing the completion of its land payment and the transfer of title from Bahrain Bay to Ajmera Mayfair.

The twin towers project is being designed by leading architects Skidmore Owings & Merrill, and will offer state-of-the-art freehold high-end residential apartments.

Other consultants appointed include Mohammed Salahuddin Consulting Engineering Bureau and Baker Wilkins Smith.

Bahrain Bay chief executive officer Bob Vincent said the Ajmera Mayfair Group is making great progress on their project which will form an important part of Bahrain Bay when it is completed.

'We are very pleased that Ajmera Mayfair chose Bahrain Bay as their first real estate investment outside India.

'Their team understands the Bahrain Bay vision and the goals we are looking to achieve and we will continue to support their project and its team as it moves through the various development stages.'

Deputy chief executive Abdulla Al Doseri said he was encouraged by the ongoing commitment the group has shown to the project and he looked forward to welcoming them onsite in the near future.

Company director Dhaval Ajmera said despite the challenging environment that has engulfed the real estate sector, their project was progressing as planned.

'This development is a significant investment and a strategic step for both Ajmera and the Mayfair Group and we are confident in the project's and Bahrain Bay's success.'

Mayfair Group chief executive Nayan Shah said this investment was one of great importance.

'Bahrain Bay is an excellent master plan development and offers significant benefits to developers, such as land parcels complete with infrastructure as well as a world-class living and working environment, and we are very pleased to be a part of it.

'We feel that Bahrain and Bahrain Bay is the right place to be investing for long-term returns.'-TradeArabia News Service