Bahrain Bay Development has signed a letter of intent with an Indian joint venture consortium to acquire land and develop a $150 million project within the Bahrain Bay masterplan.

The joint venture consortium consists of Ajmera Group, a $450 million conglomerate based in Mumbai, and Mayfair Housing, a major Indian urban residential property developer. Together, they have developed over 30,000 units in the Indian market during the last decade, including some of the largest developments in India. Their commitment to Bahrain Bay marks their first development outside their home market, and they intend to develop one of the tallest residential buildings within the project, positioned next to the ocean front on the main canal of the masterplan.