Castlewood to consult Indians in buying real estate abroad

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Kolkata, Oct 16 (UNI) Castlewood Investment Properties, along with Home Place International, Singapore and their exclusive Indian associate Land Solutions, will enter the country next month to woo Indians to buy real estate property in Hungary, the USA and the UK.

Informing this, Land Solutions CEO Akshay Jain today told UNI over phone that with global statistics revealing the presence of the highest number of billionnaires in India, the previous financial year saw around 200 Indian citizens buying property overseas to the tune of USD 100 million(m).

'' Such figure is expected to touch USD 200 m during the current fiscal,'' Mr Jain added.

Altogether, 300, 175 and 700 dwelling units were on sale in the USA, the UK and Hungary respectively, he said adding the target group included middle class, along with High Networth Individuals(HNI).

'' We are betting big on Hungary as it has emerged as one of the desirable locations among Indians when it comes to buying property in Europe. It is mainly because of the reason that Hungary offers resident visa,'' Mr Jain informed.

He said the prices of real estates ranged from Rs one crore to Rs ten crore, starting from a two-bedroom flat, adding the options of lease were also available, along with features like rental guarantee and guaranted exit.

Mr Jain admitted that it was probable for the buyers to opt for sell-out in a bid to bag profit when the global financial situation improved.

Asked whether the local people's interest to invest in real estates in the UK, the USA and Hungary had withered due to sub-prime crisis and global financial blues, he said banks were also disbursing loans for buying properties and dwelling units.

He estimated that out of the total loans provided by the banks towards the real estate sector, 70 per cent was utilised for buying dwelling units, apartments and villas and the rest used for purchasing property.

Headquartered in Singapore, Castlewood Investment Properties, one of the largest real estate developers in Europe and USA, would provide consultancy and assistance about the investment options as well as arranging funds through bank loans with its tie-up with various financial institutions with a maximum funding arrangement of 70 per cent of the property value.

The firm would also kick-off a road show in Kolkata in the middle of November, apart from launching its operation in countrywide in the first week of the month.

UNI SB KK DB1806

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