Australian owned boutique agency Belle Property International (BPI) has opened an office in Mumbai, in order to capitalise on the growing number of Indians investors interested in purchasing residential and commercial properties across Australia.
Based in India’s financial capital Mumbai, the expansion forms a part of the company’s strategic plan to expand into Asia throughout the year.
“We are creating a network of offices in Asia and Australia whose purpose is to sell Australian property to interested Asian investors.
“We believe India will be a strong source of investment in Australia over the next 25 years, so we are excited to be opening our first office in India,” Belle Property International chief Peter Hanscomb said.
Well-known Indian businessmen, with a background in real estate marketing and financial services, Hozefa Rangoonwala and Murtaza Poonawala have been appointed as co-principals of Belle Property International Mumbai.
“Hozefa and Murtaza come from a banking and marketing background, therefore the value of the premium is not lost in the bid to quickly do a transaction,” Belle Property International, director and co-founder Stephen Ivanusa said.
“India has gone through many reforms of late and with the demonetization of the Rupee there is an urgency to get the now declared funds back out into the markets to yield higher returns.
“With an open and progressive Indian government met with Australia’s immigration pathways; we are only starting to see the tip of the iceberg let alone what sits underneath,” Ivanusa said.
Indians were especially interested in buying properties in Sydney, Melbourne and the Gold Coast with growing interest for the Brisbane and Adelaide markets.
Belle Property International Mumbai, co-principal Hozefa Rangoowala said: “We are giving another option to Indian investors, as no one has ever approached it from an Australian point of view with an established office in India.
“Australia is viewed as a safe country with a good economy, and that is more stable than other markets that are competing for Indian investors, such as the United States, United Kingdom and the Middle East,” Rangoowala added.