According reports, billionaire Gautam Adani is in advanced talks to buy the Indian unit of Dubai-based developer Emaar Group for a potential enterprise value of $1.4 billion, allowing Asia's second richest person to expand into real estate.

The Adani family and Emaar are debating the terms of a deal that might involve an unlisted Adani unit contributing about $400 million in equity.

As long as negotiations continue, there is no assurance that a deal will be reached, but an agreement could be reached as early as April.

In January, Emaar announced talks with Indian groups, including Adani, to sell a stake in Emaar India Ltd. through Portfolio Boost.

In addition, Adani is renovating Mumbai's Dharavi slum, which is among the biggest in the world and served as the backdrop for the Hollywood movie Slumdog Millionaire.

Emaar India is presently building residential and commercial projects in Madhya Pradesh, Rajasthan, Punjab, Uttar Pradesh, and New Delhi.

According to Adani's website, acquiring the Emaar unit would expand the company's real estate portfolio in India, which currently includes 24 million square feet of property and another 61 million under development.

This month that the Adani family's real estate unit emerged as the top bidder for redeveloping one of Mumbai's largest housing projects for an estimated 360 billion rupees.