Mahindra Lifespaces Developers plans to open offices in key overseas markets to assist NRIs in buying its properties in India, with an aim to increase the contribution of international sales in its total revenues to up to 25 percent over next few years.
The company on Tuesday opened its first international office in Dubai which will address the needs of non-resident Indians in the Gulf Cooperation Council (GCC) region.
"Currently, sales from international markets contribute nearly 20 percent of our total revenues. We want to increase the share to up to 25 percent in the next few years.
"Setting up offices in our key international markets will help us address the needs of our customers in these regions," Mahindra Lifespaces' Managing Director and CEO Anita Arjundas told PTI here.
The GCC region, which is a key market for Mahindra Lifespaces, contributes more than 50 percent of the total international sales.
"After GCC, the other two key markets are the USA and Singapore. We may also look at setting up a similar office in Singapore as it is the third largest market after the USA. But currently, our focus will be on the GCC market," she said.
Arjundas said there is a significant demand from NRIs in the GCC, primarily in markets like Tamil Nadu, Karnataka, Kerala and Andhra Pradesh, while those in the US and Singapore are also looking at cities like Mumbai, Pune, NCR, Nagpur and Bengaluru, among others.
"There are some NRIs who look at Indian real estate market as an investment opportunity while there are others who are looking at buying first homes.
"We are expanding our portfolio to cater to their demands by providing homes between a price range of Rs 40 lakh and Rs 3 crore," she added.
With a portfolio spanning the mid, premium and luxury housing segments, the company is present across cities like Mumbai, Pune, Nagpur, Gurgaon, Chennai and Hyderabad.
The residential and commercial development footprint of Mahindra Lifespaces comprises over 8.92 million sq ft of completed projects with over 10.38 million sq ft of ongoing and forthcoming projects.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
