Hyderabad: Australia-based global property consultant Raine & Horne is looking to foray into the Indian real estate industry attracted by the vast potential and the recent regulations brought out to control the largely unregulated industry.
The company set up its first office in Bengaluru last year and will be operational in a few months. Raine & Horne is looking for an aggressive expansion by branching out to major Indian cities in the next few months.
The company is looking at cities like Hyderabad, Mumbai, Rajasthan and Gujarat and plans to expand to tier-2, tier-3 cities through the franchise route. Sanjay Chimnani, Managing Director, Raine & Horne Dubai, the master franchise for Raine & Horne Global, said, “The offices will be operated on a franchise model and will take the same route to trickle down to smaller cities, eventually covering pan India. These five to six offices will be operational in the next few months and will house employees ranging up to 60”.
The project is coming up on a man-made island consisting of 648 living spaces, including villas and penthouses ranging from ₹3.5 crore to ₹70 crore.
“We are planning to sell nearly 100 apartments in major cities like Hyderabad, Mumbai, Delhi and will conclude by June. The buyers will be required to pay 10% of the amount, each at the booking stage and while it’s handed over. The remaining has to be paid over a four year period without interest.” said Chimnani.
He was speaking in Hyderabad on Thursday to announce the road show to promote Bluewaters, a project by Dubai-based real estate player, Meraas.
For the first time, a flexi-payment plan is also being offered, subject to some conditions. There are 698 one to four bedroom apartments, four penthouses and seventeen villas on the man-made island off the Jumeirah beach residence coastline in Dubai.
The price ranges from about ₹3.5 crore (for a one-bed room apartment) to ₹72 crore. “Indians are the among the biggest foreign investors in Dubai’s real estate. Last year, they purchased ₹30,000 crore worth of real estate in Dubai.’’ He said.
The first road show in India to preview Bluewaters island residences will be held in Hyderabad on March 26.