Lokhandwala enters Dubai real estate market

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Lokhandwala enters Dubai real estate market

29 May 2008

Dubai real estate market"/>

The Indian real estate developer Lokhandwala has announced it is to enter the property market in Dubai.

According to the firm, which will be locating Lokhandwala Builders International in the city, Dubai is attractive to expats.

Jean Soriano, Lokhandwala Builders International's sales coordinator, said that this is particularly the case with Indian and Pakistani natives with British or US citizenship who like this new hub due to its location between Europe and Asia.

"Indians go back to Dubai instead of Bombay where real estate is more expensive," she stated.

Ms Soriano added that currently real estate in Dubai offers premiums of at least 30 per cent in three years.

So far 27th Square, a ten-storey residential building, has been launched by the developer in International City while a fourth 24-storey project with residential and commercial property is underway.

Lady Ratan Manor, another development by the firm in International City, has been completed and sold.

Meanwhile, the India Times has reported that property sellers in the Lokhandwala complex in Andheri are holding onto their property in the hope of a windfall.
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