Top Indian developer opens Dubai office
Dubai, November 22, 2012
Indiabulls Real Estate, one of the largest listed real estate developers in India, has announced the launch of its first overseas offices in Dubai
as part of its regional expansion plans.
Strategically located in the Karama area of Dubai, the local representative office will cater to the rising interest and demands of the UAE-based Non Resident Indians (NRIs) in company’s projects across India.
Indiabulls 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, said a senior official.
"Indiabulls focuses on super metros with 90 pe 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 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," remarked Santosh Tandel, the regional head of the Indiabulls (Mena region).
The company, he said, has a net-worth of Rs7,505 crore and has purchased prime land, mostly in the metros and other Tier 1 cities worth Rs4,000 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," he noted.
On the new overseas office, Tandel said NRIs make up for 25-30 per cent of its overall business and especially Gulf NRIs who have always been more inclined towards investing in realty market back home.
"With an approximate 45 per cent of the UAE’s population comprising of Indians, the need to have a local office catering to this segment was vital," he added.-TradeArabia News Service