Overseas firm to take Indian real estate investors abroadOctober 26th, 2008 - 4:46 pm ICT by IANS
Kolkata, Oct 26 (IANS) Real estate investors in India have reasons to be happy as very soon they can invest in properties abroad with the help of a consultant. Castlewood Investment Properties, one of the largest real estate developers in Europe and the US, in partnership with the Singapore-based Home Place International and its exclusive Indian associate Land Solutions, is all set for entry into India by showcasing a bouquet of international real estate properties in New Delhi.
“We will enter the Indian market in first week of November. The properties up for investment are mainly based in Hungary, the US and the UK. Initially we are looking at 100 investors every year from India,” Land Solutions chief executive Akshay Jain told IANS.
Land Solutions is an international financial services provider specialising in real estate services and investment management. It provides turn-key real estate and allied investment solutions.
Castlewood Investment is targeting high-income Indians who can buy properties abroad that start from Rs.10 million and can go up to Rs.60-70 million, 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 said.
The buyer would have to shell out 30 percent of the total value of property and the rest would be arranged by Castlewood through loan.
“Since buying property abroad will involve understanding the rules and regulations of the foreign country, we have our legal team that will help the buyer overcome legal hurdles,” Jain said.
Though Jain is very optimistic of getting 100 customers every year, he admitted selling overseas properties “is a bit tough”.
At the same time, he said he was confident buyers would be able to double the value of the property within three years.
And Jain is unperturbed by the international financial meltdown. “The market has reached its worst, it can’t go beyond this. This is the best time to invest because once this recession is over, the market will start recovering and the real estate price will appreciate.”
In Southeast Asia, investors in countries such as Singapore, Malaysia, Indonesia and China have already begun purchasing properties abroad.
“The Chinese are very keen to purchase property in India, but Indian laws do not allow any foreigner to buy land over here,” Jain said.
“China started investing abroad 10 years back. But I am sure five years down the line Indians will be the biggest investors.”
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