Mumbai, Aug 28 (UNI) Isle of Man-based real estate developer Dandara is all set to sell 200 of its apartments in UK to Indian customers by Christmas.
The UK based company which internationally markets its own developed flats in cities around the country to individuals and corporates looking for real estate in the UK has sold 60 units in India to individuals and corporates since its entry here in May this year.
Under the company's scheme, customers can take possession of the company's flats by making part payment and financing the balance through banks. The mortgage of the flat can be met by renting out the flat which is also arranged by the company.
Explaining the raison d'etre of Dandara's entry in the Indian market, the company's Managing Director and Group Investment Sales Director Seamus Nugent, said that with the strong affinity that Indians held for UK- from studies, culture and business- many Indians are interested in owning an affordable flat in the country, which could be used for accommodation or as corporate guest houses. The nascent Indian market is still a small part of the company which has offices in Hong Kong, the Far East, South-East Asia, UAE and UK itself.
He said that Dandara has opened offices in Mumbai and New Delhi and has tied up with ICICI Bank and Barclays in India to handle mortages and also a team of lawyers to handle legalities.
''A person in India can now own a property in the UK for a down payment as low as Rs 20 lakh. The range of the flats start from 30-40 sq mt studio apartment to 2-3 bedroom flats,'' Mr Nugent said.
''The English law also provides ample protection to overseas customers and we provide independent lawyers to all our clients,'' he said.
On the subject of slowing down of the Indian economy, Mr Nugent said, ''I believe that the slowdown in Indian economy will not hamper our plans. The Indian market is huge enough for us to find interested parties.'' UNI ZC SR NP1334