Roha Realty to open sales and marketing offices in Dubai, Singapore and Hong Kong
Move comes as Mumbai-real estate developer looks to attract investment from NRIs from across the world
Roha Realty, a Mumbai-based real estate developer, has announced that it is opening sales and marketing offices in Dubai, Singapore and Hong Kong as part of its plan to attract investment from Non-Resident Indians (NRIs) from across the world through these three markets.
The firm is a mid-sized developer based in Mumbai and its development portfolio consist of eight delivered and nine under-development projects with a total footprint of three million square feet and a total worth of $200 million. It is the real estate arm of the diversified business conglomerate Roha Group, which has been in operation for more than five decades.
“We do plan to enter Dubai and other international markets for real estate and as a group we have presence in 45 countries,” Harshvardhan Tibrewala, managing director of Roha Realty, said on the side lines of an award ceremony in Dubai. “Obviously, we will utilise the great corporate network we have in all these countries to reach out to a wider global NRI clientele,” he added.
“We are not typical developers in Mumbai, we are industrialists. We have a legacy of 50 years of business excellence as a group. More than just completing the project, what matters to us is the quality of construction and the timely delivery. We have practical and customer centric approach and think of every home as our home,” he stated.
The announcement about the offices comes as the real estate sector in India is expected to reach $1 trillion in market value by 2030, up from $200 billion in 2021 and contribute 13% to the country’s GDP by 2025, according to India Brand Equity Foundation (IBEF).
Between July 2021 and September 2021, a total of 55,907 new housing units were sold in the eight micro markets in India (59% YoY growth), IBEF added in a report. India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities in a year, he added.
As per ICRA estimates, Indian firms are expected to raise up to $48 billion through infrastructure and real estate investment trusts in 2022, as compared with raised funds worth $29 billion to date, it added.
According to Tibrewala, Roha Realty has already delivered eight residential projects while a further nine projects are currently at various stages of development. These belong to all the market segments to cater to different budgets, he added.
“We are developing properties in all segments depending on all the locations, Mumbai has the need of all the segments, and we are providing solutions for all,” observed Tibrewala. “The Indian real estate market will continue to remain buoyant due to growing middle class, rapid urbanisation and industrialisation,” he noted.
“For the next ten years at least, India will rank 1st in terms of industrialisation. Post Covid-19 lot of countries want to shift their operations in India and if Industries come Real Estate market has to perform well,” he concluded.
