Dandara to sell 200 UK flats in India by X-mas

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New Delhi, Aug 31 (UNI) UK-based real estate developer Dandara said it plans to sell 200 apartments in Britain to Indian customers by Christmas.

The company, which has opened its first office in India in Mumbai, internationally markets its own-developed flats in cities around the country to individuals and corporates looking for real estate in the UK.

''With the strong affinity that Indians held for UK, many Indians are interested in owning an affordable flat in the country, which could be used for accommodation or as corporate guest houses,'' company Managing Director and Group Investment Sales Director Seamus Nugent said.

''We have designed four projects in the UK with the Indian customer in mind. We offer real estate options to the investors in London, Manchester and Glasgow. A person in India can now own a property in the UK for a downpayment as low as Rs 20 lakh. One can invest in from a 500 sq ft studio to a 2,000 sq ft large three-bed apartment,'' he said.

Asked what the USP of the deal with Dandara is, he said, ''The buyer pays only 20 per cent of the price up-front and pays the rest only after the apartment is complete and possession is handed over.'' Explaining the investment process, he said the customer can also rent out his unit to a company guaranteeing rentals for three years.

''This is buy-to-let concept we are introducing that ensures that the mortgage payment of the customer is protected by the rentals we guarantee for three years, at least,'' he said.

Mentioning that the company's association in India with Baron Group International no longer exists, Mr Nugent said the company has tied up with Zurich Insurance to offer insurance cover for the 20 per cent payment a customer is expected to make.

The real estate developer has also tied up with ICICI Bank and Barclays in India to handle mortages and also a team of lawyers to take care of legalities.

Since its entry in India in May this year, Dandara has sold 60 units here to individuals and corporates.

The company also plans set ups in Delhi and tier-II cities like Pune.

However, the real estate developer does not plan to invest in any real estate projects in India for the time being. ''Neither are we planning to develop any project in India nor we investing in any project here. Our main aim at present is to sell UK property to Indians,'' Mr Nugent said.

UNI SG RL HT1318

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