INDIA:KUVERA INDIA will launch a new development of apartments in Rudrapur, 250kms from Delhi in northern India, in Dublin this Saturday. For sale to investors are 276 one to four-bedroom units costing from €32,000 to €53,983.
This follows its sale off plans of 294 apartments in the town, which is beside one of India's Special Economic Zones (SEZ). The apartments are being built to provide accommodation for the thousands of Indian managers who will work in the vast industrial estate in Rudrapur.
It expects investors to be attracted by low prices and expected rapid capital growth: property prices in India have reportedly risen by 70 per cent in the past two years, as economic development takes off, driven by growth in SEZs like the one at Rudrapur.
For sale are 24 72sq m (776sq ft) one-bedroom apartments for €32,000; 196 106sq m (1,143sq ft) two-bedroom units for €43,450; 28 115sq m (1,235sq ft) three-bedroom units; and 28 137sq m (1,480sq ft) four-bedroom units. The scheme is in a landscaped gated community.
Kuvera India is headed by Irish businessman Kieran Murphy, which last year bought a 50 per cent stake in Indian building company V G Buildtech. Irish investors are being offered rental guarantees of 5 per cent per year net, and a 5 per cent discount for full payment upfront.
The usual payment option is 40 per cent on purchase, with 25 per cent within six months, 25 per cent in 12 months, and the balance on completion. It is anticipating strong capital growth between purchase and completion in December 2009, and even more by the time the SEZ is complete in 2010. Investors are advised to get as much information as possible about buying in India: there are restrictions on purchase by foreigners, but property can be bought by setting up a company, which Kuvera assists with. Any profit from selling can be repatriated. Kuvera India will be launching Orchard View at the Clarion Hotel in the IFSC in Dublin this Saturday, May 10th, at 10am, and will hold launches in Cork and Galway next week.
www.kuvera-india.com
