UK’s real estate service provider plans India foray

UK’s real estate service provider plans India foray

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MUMBAI: The burgeoning domestic real estate market has started to attract yet another section of the global real estate industry real estate service providers (RSPs).

The UK-based MoneyWise group, which provides advice on financial planning, mortgage broking and investment property sourcing, has entered India. It will invest £100,000 (approx Rs 80 lakh) here to expand its presence by setting up new offices.

“We will invest £100,000 in the next one year in India to create infrastructure,” MoneyWise Property Consultants India head, real estate business, Vikram Goyal, told ET. MoneyWise will offer property sourcing and finance services in such a way that a person based anywhere in the world can buy and rent property.

The company, which had set up a call centre in Mumbai, plans to hike headcount across the country. “We have opened a 24-hour real estate consultancy call centre in Mumbai to cater to NRIs and HNIs in the UK, US and Dubai,” Mr Goyal said.

The realty share in India’s GDP has gone up to 7% from 5.2% in ’02-03, but it still compares poorly to 15% share of realty in developed economies. Hence, the potential for growth is enormous, which is luring foreign companies.

MoneyWise has tied up with 20 realty developers like Bangalore’s Prestige and Sterling group, Pune’s Kumar and Gera Developers, Delhi’s Vipul and Unitech and Mumbai’s Keystone group to offer properties to 1,000 odd clients.

Soon after the company began its operation in April ’06, it managed to strike deals to the tune of Rs 2 crore, Mr Goyal said. MoneyWise also plans to launch a subsidiary company shortly and create funds for dedicated investment in Indian markets, he said.

The residential property market price index has gone up considerably and transparency in the real estate sector has improved too. As a result, global property developers are looking at India as a parking place for their investments. India offers a big opportunity, given that real estate yields are zooming.

Source: Economictimes