Indiabulls, one of India's largest listed developers, eyes GCC expansion by year-end
One of India's largest listed real estate developers has announced plans to launch offices in some Gulf countries as part of an overseas expansion.
In December, Indiabulls Real Estate Ltd, which has delivered 3.3 million sq ft developed space valued at $1.75bn in the last four years, announced it had set up in Dubai's Karama area.
And it has now outlined plans to open representative offices in Saudi Arabia and Bahrain by the end of 2013.
The company said in a statement that it has also formalised strategic alliances with banks to offer home loans to Indian expatriates in the region interested in investing in their projects.
Santosh Tandel, regional head - MENA Region, Indiabulls, said: "There has been a growing demand from expatriate Indians for home loans and property acquisition. Given our pan India presence, Indiabulls' housing projects have evoked a tremendous interest among the NRI community."
He added that banking alliances have been set up in the UAE, Qatar, Oman and Kuwait to offer home loans to Indian expats.
"Our endeavour is to present end to end solutions to the expatriate segment giving investment options as well as financial solutions," Tandel added.
Indiabulls Real Estate has development projects spread across residential complexes, integrated townships, commercial office complexes, hotels, malls, and infrastructure development.
The company said it focuses on super metros with 90 percent of the projects in the National Capital Region of Delhi, Mumbai and Chennai.
The Indian real estate market, which is expected to reach $90bn by 2015, is undergoing a shift.
The fall of the rupee is encouraging more investment by Gulf-based NRIs into the realty market which offers relatively higher returns.