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Premier Indian developer, Ansal sets up NY office
Real estate news By IndiaPost.com
Sunday, 10.14.2007, 10:58pm
Targeting the burgeoning market for Indian Americans investing in India's $15 billion real estate sector, leading Indian real estate developer, Ansal Housing, has set up a North America associate sales office in New York.The New York office will serve as a conduit for attracting investments into Ansals residential as well as commercial real estate projects across India.
The announcement was made by senior officials of New Delhi-based Ansal Housing and its US partner Goodwill Capital, at a press conference at Mint restaurant in Manhattan on Oct 12. The New York office will also liaison with Ansal appointed brokers and agents in North America, targeting all geographical regions with a substantial Indian American presence.Ansal developers, who have successfully built 65 million sq ft of residential and commercial spaces in India, crossed the 200 crore rupee annual turnover, with projects running in 22 cities from Jammu in the north to Bangalore in the south. "It was based on feedback from potential investors in the US, whom we met during property shows in the last 6 months, that we decided to open up offices here - to put a face to us through an associate," said Karun Ansal, Vice President, Ansal Housing.With India's real estate market returning record profits, Ansal officials said the timing was opportune for the company to focus on the sizeable Indian American market.
"Property prices in India are rising fast, and not just in the big cities. As the tech boom spreads across the country, as more Indians buy homes, and as the economy grows at faster than 8 percent a year, real estate is attracting more investors, many of them from abroad," said Ansal.Investors can expect a whopping 20-25 percent appreciation on their investments and at least a 10 percent increase in rental returns, Ansal said.Ansal explained how the Indian government was encouraging NRIs to invest in properties in India. "The real estate sector in India is attracting huge investments. Private equity players are considering big investments, banks are giving loans to builders, and financial institutions are floating real estate funds."Ansal Housing has also announced it was developing a residential township in Karnal, Haryana, on a 99-acre plot of land, involving an investment of 150 crore rupees.
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