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Realty developer K Raheja Corp Homes has seen a surge in buyer interest from the Middle East region, which constitutes about 7-8 per cent of the total sales. Hyderabad and Pune have emerged as top picks for investors seeking opportunities in their home country.
Over the last three years, K Raheja Corp Homes has established a solid foundation of steady business from Middle Eastern markets. The company believes the relationship is expected to grow stronger, with a similar pattern in sales outlook for at least the next two years from these markets. Pune and Hyderabad are cities that have attracted significant attention, emerging as preferred markets for investors seeking opportunities to own a home in their native land.
“Middle East has grown to become a key market for us. The growing sales performance signifies a continuous flow of business from the region, showcasing the trust and satisfaction of our investors. Importantly, the escalating contribution from the Middle East over the last three years is a positive trend, and we anticipate this momentum to strengthen in the foreseeable future, indicating sustained demand for our luxury residences, especially in the markets of Pune and Hyderabad,” said Ramesh Ranganathan, Chief Executive Officer of K Raheja Corp Homes.
In addition, the company has plans to add more 2.5 million square feet to build on its existing 6.5 million square feet of saleable area, totalling about 9 million square feet during the rest of Financial Year 24. Mumbai and Pune are two focused cities with three total upcoming projects which would be a combination of apartments and villas.
“We have eight upcoming projects that are in the development stages, where we are waiting for Real Estate Regulatory Authority (RERA) approval to launch. In total, there are about 18 projects, adding to about 9 million square feet of saleable area,” said Ranganathan.
Recently, Mumbai-based K Raheja Corp Homes partnered with Chalet Hotels to unveil its luxury brand ‘Vivarea’ in Koramangala, Bengaluru. The project has a revenue potential of Rs 1,700 crore. It is built on an 8.25-acre land parcel owned by Chalet Hotels, with nine towers and 300 apartments.
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“Bengaluru is a promising market for us. We got in here with Chalet Hotels. The market has been growing very steadily. The IT base is significant and given that it has been stable over some time, we see an increased demand for homes,” Ranganathan said.
He added that K Raheja Corp Homes expects strong growth momentum in the coming year and expects its sales to increase by 25-30 per cent in 2024.
“These are very exciting times, and there is a great sense of positivity. We are bullish for the next 12 months with the real estate sector. We are focused on getting as many lands in the approval stage in the launch mode to offer it to our customers,” Ranganathan added.
