Bahrain-based Star International Real Estate has signed an agreement to be the exclusive agent for two property developments in Goa.
The agreement, signed with Prajit Kumar, owner of Imperial Management Company, marks Star International Real Estate’s first foray into the Indian property market.
Goa, a major international tourist destination, offers excellent potential returns on investment, said a statement.
Goa is India’s richest state and, according to the National Commission on Population, offers the best quality of life in the country, it said.
The first development comprises a villa on a corner plot with easy access – just five minutes from the city of Mapusa, 10 minutes from the state capital Panaji and just 30 minutes to the airport.
The second development is a building with adjoining swimming pool, ideal for use as a large shared family residential home or commercial holiday hotel/apartments. It is located close to Goa’s principal business districts, institutes, shopping centres and world-famous beaches.
The property has uninterrupted views of mountains and a lake in lush surroundings with plenty of trees. With a total built up area of 1,245 sq m, the plot size is 815 sq m, with a 55.70 sq m terrace and 16 parking spaces. The building also has additional space for a restaurant and gym.
Ahmed Suleiman, CEO, Star International Real Estate, says: “The Indian real estate industry contributes between five and 10 per cent of national GDP directly and indirectly, and is therefore a vital part of the Indian economy. Due to the economic downturn of 2008-2009, many Indian real estate companies have excess inventory, and some have properties acquired at much higher prices than today’s market prices. Consequently, they offer excellent investment returns if bought at today’s prices.”
“We have been studying the Indian property market for some time and have been eager to offer our clients in the GCC and Europe a project which would deliver trustworthy legal and construction values, with the potential to provide good returns. We are particularly excited about the investment potential and the rates of return of both projects of around 20 per cent.”
Kumar said: “I have confidence in the value of my projects and the ability and professionalism of Star to market and promote these considerable investments in the GCC and Europe.”
Goa’s white sandy beaches attract holidaymakers and retiree home seekers looking for an idyllic and cost-effective country in which to stay. Global real estate analysts identify residential properties in this popular Indian tourist destination as representing good investment potential, as they command high rentals and boast good resale value, the statement said.
