Hyderabad, India (PressExposure) May 26, 2008 -- Indiaâs second-largest developer, the Mumbai-based Lokhandwala Infrastructure has made its way to Dubai as Lokhandwala Builders International where it builds, wheels and deals some of the cityâs most sought after real estate.
Dubaiâs booming real estate industry has attracted investors from the expatriate community and especially Indian and Pakistani natives with British or U.S. citizenship who is rushing to the new hub between Europe and Asia, a short flight between their two homes, Jean Soriano, Lokhandwala Builders Internationalâs sales coordinator, told reporters. âIndians go back to Dubai instead of Bombay where real estate is more expensive,â she said. Real estate in Dubai offers an excellent investment choice with premiums of at least 30 percent in three years and the law allows homebuyers to sell their property after their first down payment.
The developer has completed and sold out the Lady Ratan Manor located in the International City, and handover of apartments is expected next month. Soriano said homeowners are already re-selling their apartments. Construction on a 25-storey building, Eden Gardens located in Dubaiâs Sports City just started this month and studios and 1-bedroom apartments are still available for sale.
Six months ago construction on 27th Square, a 10-storey residential building was launched also in International City and a fourth 24-storey project with residential and commercial property is underway and will be announced in three months. Property on these two projects will be put up for sale within the next few months, said Soriano.
Prices on Lokhandwala Builders Internationalâs property range from 700,000 dirham ($190,000) for studios, 1 million Dhs ($272,000) for one-bedroom flats, 1.2 million Dhs ($326,750) for two-bedroom flats and 2.5 million Dhs ($680,700 ) for three-bedroom flats...
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