Dubai: After a successful debut of its international operations in Dubai last year, Indiabulls plans to set up offices in other GCC countries soon.
The plan includes opening up of representative offices in Saudi Arabia and Bahrain by year end, the company said in a statement.
The Gulf Cooperation Council (GCC) countries include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
The company has also formalised strategic alliances with banks and financial institutions to offer home loans to the Indian expatriates in the region interested in investing in their projects, the statement said.
This is a response to the growing demand from expatriate Indians for home loans and property acquisition, it said.
"Given our pan India presence, Indiabulls' housing projects have evoked a tremendous interest among the NRI community. Indiabulls alliance with Doha Bank offers mortgage loans to its NRI customers for acquiring properties in India.
"With that, company has now concluded similar alliances with banks and financial institutions in UAE, Oman and Kuwait to offer home loans to the NRI community alongwith providing personal loans from local financial institutions. Our endeavor is to present end to end solutions to the expatriate segment giving investment options as well as financial solutions," said Santosh Tandel, Regional Head - MENA Region, Indiabulls.
Tandel said the projects are equipped with top of the line amenities and are built with superior construction quality standards.
"Additionally by adding element of attractive payment options and exclusive financing solutions for home loans through the financial services wing of Indiabulls Group, buying a property has been made so very convenient for the customers. Home loans starting from 10.15 percent and schemes like 15:85 or 20:80 ensure that the customers are able to take investment decisions much faster considering that they don't have any financial burden of EMI or interest payment for the first couple of years," Tandel said.
Given the favorable exchange rates in the past couple of days, remittances back to India have again seen an upward trend. This would be a great positive factor for the expatriate community in taking their investment decisions. With rupee being near to an all time low, the customer can expect appreciation on both the currency as well as the real estate transaction in years to come.
"Our experience has been that good products at good price points are well accepted by the customers. GCC market has the ability to absorb units with prices from 20 lacs to 20 crores. The only thing is that the customer needs to see value. Our Sky forest project with an average ticket size of 7-8 crores got a huge response from the NRI community and we were able to achieve our targets in the just 3 days," he said.
First Published: Thursday, June 13, 2013, 15:20