Indian Real Estate developer 'Indiabulls' opens first overseas office in UAE
- United Arab Emirates: Thursday, November 22 - 2012 at 12:05
- PRESS RELEASE
Indiabulls Real Estate Ltd, one of the largest listed real estate developers in India, announced the launch of its first overseas offices in UAE. Strategically located in Dubai's Karama area, the local representative office will cater to the rising interest and demands of the UAE based NRIs in company's projects across India.
Indiabulls Real Estate is among India's top Real Estate companies with development projects spread across residential complexes, integrated townships, commercial office complexes, hotels, malls, SEZs and infrastructure development. Indiabulls focuses on super metros with 90% of the projects in NCR, Mumbai and Chennai and has delivered a record 3.3 million sq ft developed space valued at $1.75bn (within 4 years of inception) which is the fastest and largest delivery in value terms by any Indian real estate developer in the same time period. The company has a net-worth of Rs 7,505 Crore and has purchased prime land, mostly in the metros and other Tier 1 cities worth Rs 4,000 Crore in government auctions alone. IBREL is currently developing 71.55 million sqft into premium quality, 31 ongoing high-end projects. The company has been assigned 'A+' rating.
"NRIs make up for 25-30% of our overall business and especially Gulf NRIs have always been more inclined towards investing in realty market back home. With an approximate 45% of the UAE's population comprising of Indians, the need to have a local office catering to this segment was vital", said, Mr Santosh Tandel, Regional Head - MENA Region, Indiabulls.
"Dubai offices marks company's foray into the International market, however future plans include opening of offices in other GCC countries such as Saudi Arabia, Qatar and Bahrain. To facilitate NRI home loan requirements, we will also be looking at avenues for partnerships through our housing finance division which already provides mortgages across India", added the company spokesperson.
Indiabulls Group has recently also entered into an agreement with Qatar's Doha Bank for offering mortgage loans to Doha Banks NRI customers for acquiring properties in India. This would serve the growing demand from expatriate Indians for home loans and property acquisition as Indiabulls' housing projects have evoked a tremendous interest among the NRI community. The tie-up with Indiabulls will provide an opportunity to Doha Bank NRI customers to approach for Housing Loans to purchase property in India. Indiabulls is also in the process of entering into similar strategic alliance agreements with leading players in the market to meet the customer expectations across the region.
The Indian real estate market, which is expected to reach $90bn (Dhs330.3bn) by 2015, is undergoing a shift. The fall of the rupee is encouraging more investment by Gulf-based non-resident Indians (NRIs) into the realty market which offers relatively higher returns. The strength of the Indian real estate market is apparent when looking back at how price hikes of roughly 20% were experienced in the booming city of Mumbai when recession had affected the world early 2009.
With a wide range of exclusive real-estate residential projects the company aspires to meet the expectations of Indian communities housing needs. Indiabulls unparalleled projects range from premium housing that comes with affordable solutions to the most luxurious, upscale and swanky signature residential projects. The projects are equipped with top of the line amenities and are built with superior construction quality standards. They are also financed by the financial services wing of Indiabulls Group that provide home loan options with competitive interest rate from 10.25%, low processing charges and easy re-payment options.
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