Indiabulls Ltd. Aims to Open Offices in the UAE
Indiabulls Real Estate Ltd. is poised to inaugurate their first international office within the United Arab Emirates region. The real estate entity has, until present, successfully developed approximately 3.3 million square feet, amounting to an estimated cost of $1.75 billion. Remarkably, the recent four years have marked a period of substantial growth for the organization.
Company representatives conveyed that the paramount objective is to facilitate Non-Resident Indians (NRIs) in the UAE with informed decisions concerning real estate acquisitions and strategic investments. This local presence is anticipated to significantly bolster the group's real estate investment portfolio in the region.
The real estate firm anticipates catering to the escalating interest and specific demands of NRIs residing in the UAE. There are also strategic blueprints in motion to establish a presence in Qatar, Saudi Arabia, and Bahrain, further extending their reach within the Gulf Cooperation Council (GCC) nations. Indiabulls Ltd. showcases a diversified array of real estate development endeavors throughout India. The company has a successful track record, developing prominent townships, residential projects, commercial hubs, and retail centers. Furthermore, their service portfolio encompasses hotel construction and infrastructure development.
Most Indiabulls projects are based in the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR). In addition to their projects in Delhi and Mumbai, the group also has projects in Chennai.
NRI's Buying Power
Mr. Santosh Tandel, the MENA regional head at Indiabulls, stated that the group's business is primarily driven by NRIs, who account for approximately 25-30% of the company's total business volume. He further emphasized that a significant portion of their clientele consists of Gulf-based NRIs. It is well-documented that NRIs in the UAE consistently exhibit a strong inclination towards real estate investment. The majority of them channel their investments into properties within their homeland, India.
The real estate firm's strategic decision to establish an office in the UAE is inherently tied to the considerable Indian population residing there, where Indian-NRIs now constitute about half of the region's total demographic.
Through a collaborative arrangement with Qatar's Doha Bank, the Indiabulls Group aims to facilitate loan acquisition for Indian NRIs in the UAE looking to invest in Indian properties. Doha Bank extends mortgage loan services to its NRI customer base.
The actions of the firm can be interpreted as a means of capitalizing on NRI investments, which, in turn, invigorates the potentially sluggish real estate market in India. The depreciation of the Indian rupee has spurred augmented NRI investments, mainly originating from the UAE and other Gulf-based NRIs.