European realtor upbeat about Indian property market

November 1st, 2008 - 8:53 pm ICT by IANS  

New Delhi, Nov 1 (IANS) London-based real estate developer Castlewood Investment Properties, which is set to enter the Indian market this month, Saturday said it was “upbeat about India” although the global property market was hit by a slump.Castlewood, in partnership with the Singapore-based Home Place International and its Indian associate Land Solutions, is all set for its India foray by showcasing a bouquet of international real estate properties in New Delhi.

“We are really upbeat about the Indian market. We are targeting the high networth Individuals who can buy properties abroad in the range of Rs.10 million and Rs.60-70 million,” Castlewood International managing director Christopher told IANS.

“We agree about the slump in the realty sector but it is also an opportunity for the investors who are interested in buying property overseas. Prices are at all-time low and once the market improves they will certainly be going to reap huge benefits,” Christopher added.

Land Solutions chief executive Akshay Jain said Castlewood would enter the Indian market in the first week of this month.

“Initially we are looking at 100 investors every year from India which is not an ambitious target,” Jain said.

“We will provide buyers with complete solutions. We will help them in buying the property, getting bank loan through our tie-up with various financial institutions and even getting tenants for their property abroad so that they can repay the loan from the money they earn from the rent,” he added.

The company is also planning to develop some properties in India.

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