Mumbai, Apr 30 (UNI) Isle of Man based real estate developer Dandora Holdings has offered real estate properties in the UK including Greater London, Manchester, Birmingham and Scotland for the burgeoning Indian market to invest in.
Addressing a press conference here today Dandora MD Seamus Nugent said, ''Though the potential is huge, awareness is low with very few people realizing that they can own properties in the UK for as little as Rs 20-30 lakh investment.'' He said, the company already has a large clientele in UAE, Hong Kong, Singapore and Dubai. ''The property market in UK is mature, regulated and secure with a lot of transparency and liquidity. The market has witnessed returns of eleven percent per annum on average for the last 11 years.'' Under the deal, an initial investment of 10-20 percent of the total cost of the property would guarantee investors ownership of the property and a three-year rental by Dandora. The properties include studio apartments and 2-3 bedroom flats in urban city centre areas.
Investors will also be required to pay mortgage rates of only six percent after completion of the property.
Though the project is not focused on High Net Individuals, the company will screen potential investors and advice them of the best options available.
The company has tied up with UK-based Baron Group International which already has upto 600 Asian investors in Dandora properties in the UK to handle operations in India.
The company is also holding talks with ICICI Bank for project approval. ''Lawyers in India have checked the legal aspects of the project and have approved it. As per the law, each person is allowed to invest upto USD 2,00,000 overseas every year which is well above the required amount needed to be invested,'' said Nayan Bavishi, MD, Baron Group International.
''We expect a positive response from Bombay. In Delhi, we have already received 300-400 inquires within a week,'' Mr Bavishi added.
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