Indiabulls Real Estate has set up its first overseas office in the UAE.
Located in Dubai, the local representative office will cater to the rising interest and demands of the UAE-based NRIs in the company’s projects across India and expand its regional reach, the company said in a statement.
“NRIs make up for 25-30 per cent of our overall business and especially Gulf NRIs have always been more inclined towards investing in realty market back home.
“With an approximate 45 per cent of the UAE’s population comprising Indians, the need to have a local office catering to this segment was vital,” Santosh Tandel, Regional Head - Middle East and North Africa region, Indiabulls, said.
“Dubai office marks the 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,” he said.
Indiabulls Group has recently also entered into an agreement with Qatar’s Doha Bank for offering mortgage loans to Doha Bank’s NRI customers for acquiring properties in India.
Indiabulls focuses on super metros with 90 per cent of the projects in NCR, Mumbai and Chennai and has delivered a record 3.3 million sq ft developed space valued at $1.75 billion within four years of inception, the statement said.