UK realty firm close to strike deal with ICICI

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New Delhi, April 23 (UNI) The UK realty firm Dandara has said it is in advanced stage to strike a deal with India's largest private sector bank ICICI which is expected be finalised by July, aiming at attracting local investors to the British property market.

''In India, we are in talks with ICICI bank to endorse Dandara's properties and market them to its customers... in next two-three months we expect the deal to close,'' Dandara Managing Director Seamus Nugent said here.

He added that the due diligence process is going on.

Dandara in partnership with Mumbai-based Baron Group International is exploring potential investors from India, especially high net worth individuals with Rs 10-20 crore net asset value.

In a seminar on 'Property Investment Options in UK for Indian Investors', organised by Dandara in association with BGI, Mr Nugent said Dandara is offering four of its ongoing projects to Indians for investment, including projects in Scotland, Glasgow and Manchester.

Talking about the minimum investment level, Mr Nugent said, ''a one-bedroom apartment costs nearly Rs 25-30 lakhs. With 80 per cent borrowing from the bank, an investor having Rs five lakh can invest in such a project.'' On the partnership with Dandara, BGI MD Nayan Babhishi said, ''We have an association with Dandara. In India, we'll provide services to the interested clients on legal coordination, valuation of property for mortgage purpose, furnishing, renting services and others.'' Both the companies, however, ruled out the possibility of developing any projects in India.

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