Armed with the prestigious Business Titans Award, Mumbai-based Roha Realty – part of the 50-year-old diversified business conglomerate Roha Group – said it will open three offices in Dubai, Singapore and Hong Kong to tap the NRI market.
Dubai, UAE and Mumbai, India; August 28, 2022
Real estate sector in India is expected to reach US$1 trillion in market size by 2030, up from US$200 billion in 2021;
Real estate sector is expected to contribute 13 percent to the country’s GDP by 2025;
Between July 2021 and September 2021, a total of 55,907 new housing units were sold in the eight micro markets in India;
Indian firms are expected to raise up to IRs3.5 trillion (US$48 billion) through infrastructure and real estate investment trusts in 2022.
Roha Realty, a Mumbai-based real estate developer, is set to open a sales and marketing office in Dubai, Singapore and Hong Kong, as part of its plan to attract investment from Non-Resident Indians (NRIs) from across the world through these three markets, a top official said.
The developer, whose development portfolio consists of eight delivered and nine under-development projects with total development portfolio exceeding three million square feet worth US$200 million (IRs15.9 billion, at current exchange rate), has earned a name for delivering quality homes to customers.
The announcement comes as the real estate sector in India is expected to reach US$1 trillion in market value by 2030, up from US$200 billion in 2021 and contribute 13 percent to the country’s GDP by 2025, according to India Brand Equity Foundation (IBEF).
“Between July 2021 and September 2021, a total of 55,907 new housing units were sold in the eight micro markets in India (59% YoY growth),” IBEF said in a report. “India’s real estate sector saw over 1,700 acres of land deals in the top 7 cities in a year.
“As per ICRA estimates, Indian firms are expected to raise up to IRs3.5 trillion (US$48 billion) through infrastructure and real estate investment trusts in 2022, as compared with raised funds worth US$29 billion to date.
“Foreign investments in the commercial real estate sector were at US$10.3 billion from 2017-21. As of February 2022, developers expect demand for office spaces in SEZs to shoot up after the replacement of the existing SEZs act.”
Roha Realty is the real estate arm of the Mumbai-based diversified business conglomerate Roha Group, which carries a legacy of more than five decades.
A mid-size real estate developer in Mumbai, India, Roha Realty has already been named as the Most Promising and Trusted Developer, Mumbai’ at the Business Titans Awards held in Dubai.
“We do plan to enter Dubai and other international markets for real estate and as a group we have presence in 45 countries,” Harshvardhan Tibrewala, Managing Director of Roha Realty, said after receiving the prestigious awards, at a gala ceremony in Dubai. “Obviously, we will utilise the great corporate network we have in all these countries to reach out to a wider global NRI clientele.
“We are not typical developers in Mumbai, we are industrialists. We have a legacy of 50 years of business excellence as a group. More than just completing the project, what matters to us is the quality of construction and the timely delivery. We have practical and customer centric approach and think of every home as our home.
“This award is a reflection of our hardwork and solid reputation built on trust over the last 50 years of excellence. I dedicate this award to our great team and the customers who put their trust on us time and again.”
Mr. Harshvardhan is the man behind planning and creating new-age residential masterpieces that stand the test of time. Over the years, he has been re-imagining living spaces in a way that caters to every individual’s needs and opines that the Real Estate industry isn’t about brick and cement, it is about the human touch and warm relationships.
Roha Realty has already delivered eight residential projects while a further nine projects are currently at various stages of development. These belong to all the market segments to cater to different budgets.
“We are developing properties in all segments depending on all the locations, Mumbai has the need of all the segments and we are providing solutions for all,” Harshvardhan Tibrewala says. “The Indian real estate market will continue to remain buoyant due to growing middle class, rapid urbanization and industrialization.
“For the next ten years at least, India will rank 1st in terms of industrialisation. Post COVID-19 lot of countries want to shift their operations in India and if Industries come Real Estate market has to perform well.”
The award ceremony was held at the Grand Hyatt Hotel in Dubai, attended by more than 500 members of the corporate world – both from Mumbai and Dubai.
While handing over the awards for the Most Promising and Trusted Developer, organisers said, “Mr Harshvardhan Tibrewala, Managing Director of Roha Realty, is the leader behind the planning and creation of Roha Realty’s new-age residential masterpieces and stand the test of time. Over the years, he has been transforming living spaces and cater to every individual’s requirement and believes that real estate industry isn’t about bricks and cement. It is closer to human touch and warm relationship.
“As a leader, he is motivated to stay ahead of the curve. He is passionate about expanding Roha Realty’s horizon. Harshvardhan has been committed to each venture he has taken up. He believes in taking challenging roles and is recognised as someone who can successfully turn around anything.”