Omaxe, a real estate development major in India, has formed a wholly owned subsidiary named Rohtas Holdings Gulf at Dubai, U.A.E, in order to develop its construction project in Gulf.

Rohtas Holdings will develop a residential project in Dubai with a project value of Rs 1,350 crore through a special purpose vehicle (SPV) -- Golden Crescent RED and General Trading Ltd. Another project worth Rs 1,500 crore would be developed through SPV Marine Sands.

The present move is part of Omaxe's plans to tap the Dubai property market. Last month, Omaxe revealed its plans to foray into Dubai real estate market to develop 10-12 projects over the next three years.

Last month, the company posted a consolidated net profit of Rs 494.87 crore for the year ended March 31, 2008, a more than two-fold jump over Rs 243.96 crore in the previous fiscal.

The company also announced a dividend of 25 per cent on equity shares for the financial year ended March 31, 2008.