Indiabulls buys Rs 1,500 crore property in London

Mumbai Bureau London properties seem to be topping the list for Indian developers. After the Lodha Group and Sahar Group, now it is Indiabulls Real Estate. In its most recent update, the company has invested Rs 1,550 crore for a commercial property in London’s Mayfair. As reported, it plans to bring down the commercial building over a three-year period and construct premium residential towers. While reports indicate that Indian buyers are now the largest group of overseas property buyers in Mayfair, London continues to be the financial capital of the world and attract investments. Calling it mature and transparent, Sanjay Dutt, Executive Managing Director-South Asia, Cushman & Wakefield, said, “In London, the price may be high but the opportunities are perceived higher or less risky. Some find this a good strategic fit for their business and derisk from being dependent on one market in India.” So the question in point is: What is precisely driving Indian developers to make a global move? Dutt speaks from his realty check: “The policy of the Central Government and scams in the last few years has left a deep cut on the minds of the entrepreneurs of this country and some of them want to have some part of their business and wealth outside India. Post FDI, policy developers had national aspirations, which failed for most. Now they have focused expansion whether within India or outside markets such as Singapore, Dubai or London.” While Indiabulls has taken its first steps into the international property market with this deal, it’s time to wait and watch if more Indian buyers cling on to ‘destination London’ in times to come!