Sat, 24 Nov 2012 12:14:33 GMT

Indiabulls opens first overseas office in UAE



Dubai, Nov 23 (PTI) Indian real estate developer Indiabulls Real Estate has announced the launch of 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 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 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," he said.

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.

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 USD 1.75 billion within four years of inception, the statement said.

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