Dubai's Pegasus realty to invest $15m in India
Pegasus Realty LLC recently revealed plans to invest an estimated $15 million for joint investment in real estate projects in the Indian cities of Pune, Chennai, Coimbatore and Hyderabad.
The Dubai-based realty firm recently tied with Pune-based Vishal Group as channel partners to market their properties in India, according to Khaleej Times. The company, which currently boasts more than 200 prime properties in Dubai and Malaysia, also hinted at further expansion plans in the future.
Plans to reportedly target high-income Indians to buy property abroad are also reportedly in the works.
"We are planning to enter the Indian real estate market through joint ventures with Indian construction firms and would give working capital to add value to Indian development projects with our own expertise, exposure to world-renowned architects and procurement of international quality raw materials," said Imtiaz Panjwani, Chairman of the Pegasus Realty.
Several of Pegasus' key properties lie at the Dubai Silicon Oasis and the Dubai Marina. It is in the process of constructing residential towers in Malaysia, for which it is scouting for prospective buyers in India. The apartments would have a guaranteed rental return of 10 per cent, he said.