India Giant Expands in GCC

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India property conglomerate Indiabulls is expanding in the GCC, less than a year after it opened its first office in the region in Dubai.

The company says it will open offices in Bahrain and Saudi by the end of the year, as its looks to expand its financing and development profile in the region.

"There has been a growing demand from expatriate Indians for home loans and property acquisition," said Santosh Tandel, head ot eh MENA region for the company. "Given our pan India presence, Indiabulls' housing projects have evoked a tremendous interest among the NRI community."

The company already has a financing relationship with Doha Bank, which was formalized last year. The alliance offers mortgage loans to expat customers for acquiring properties in India. The company has similar alliances with banks and financial institutions in the UAE, Oman and Kuwait.

Our endeavor is to present end to end solutions to the expatriate segment giving investment options as well as financial solutions," Mr. Tandel said. "The idea is to reach out to the customers, offer convenience of dealing and comfort in decision making."

The drop in the rupee has created favorable exchange rates, sparking a surge in money from expatriates back to India.