Indian and United Arab Emirates firms signed major real estate deals on Monday worth more than $20 billion during a visit by the ruler of Dubai, including plans to build two massive townships in India.

Largest Indian real estate developer DLF said it inked a $20 billion deal with UAE’s Al Nakheel to build two townships in India, with an initial investment of five billion dollars each in the next three years.

A 50:50 joint venture has been signed by the two; DLF and Al Nakheel to develop integrated townships. Construction will begin by the end of 2007, As per an official.