vok
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 Posted: Thu Jun 28, 2007 10:45 pm Post subject: Villa project in Mumbai attracts Kenyan buyers |
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By Millicent Muthoni
Kenyans of Indian origin and expatriates from India working in Kenya are buying villas and row houses in a new project in Mumbai, India.
The property is situated at Magic Hills on the Mumbai-Pune Express Highway, near the New Mumbai International Airport in Panvel, officials of the Sternon Group, a Dubai-based real estate developer, say.
A team from Sternon, led by Ms Amisha Goel, has been in Nairobi from June 19 upto July 4. "Ever since we opened the bookings in Nairobi a month ago, the response has been tremendous," says the Managing Director of Sternon Group, Mr Hussaini Nalwalla.
The group currently has customers in 28 countries, and is marketing the project in international markets, including East Africa. "The construction of the second airport in Mumbai has made Panvel a haven for real estate," he says.
Said to one of the world’s well-planned cities, New Mumbai is a busy hub for real estate investors. The New Mumbai International Airport is set to give a major boost to the area.
In an interview, Goel said ‘Magic Hills’ is a residential cum commercial 400 acre township humming with construction activity, with residences taking up 250 acres. On sale are row houses as well as individual and twin bungalows. An Information Technology commercial development portion occupies 75 acres while the educational institutions take up 75 acres.
Combining classic traditions and modern lifestyle, ‘Magic Hill’ is located 28 km from New Mumbai and 20 minutes from the proposed new airport and the Panvel railway station. "The project offers modern infrastructure and ultra-modern recreational, retail and educational facilities designed to meet the tastes of non-resident Indians worldwide," she said.
The Sternon Group has teamed up with Garnet Construction Ltd, a listed Indian real estate developer, with the aim of strengthening their global marketing.
Sternon has developed and marketed properties in different parts of the world, including the United States, the Britain and in the United Arab Emirates.
In view of the rising mortgage rates in India, Sternon anticipates high appreciation in the short-term and high rental values. "Considering the robust real estate growth in New Mumbai in recent times, investors and home owners can expect an appreciation of up to 70 percent in two years," Nalwalla said.
The group will invest $3 to $4 million in the project, which is targeting investors, holiday-seekers and Non-Resident Indian families.
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