NEW DELHI: Hong Kong-based Brilliant Etoile is betting big on the Indian real estate market. The company so far has poured in Rs 625 crore in India and is focusing majorly on the residential sector.
Li Qiongjia, director, India (NCR), Prashant Mahajan, assistant president, design management (NCR) and Chen Xiaoming, assistant president (NCR) of the company in conversation with ETRealty talked about their plans for Indian real estate market.
“While our first project is in luxury segment, going forward our focus will be in the mid-segment residential projects. We are majorly looking for joint development association,” said Qiongjia. The company is not willing to enter the affordable housing segment.
The company is developing a residential project-Sky Mansion in Chattarpur in a JDA with Uppal Housing. While Uppal Housing owns the land, Brilliant Etoile is focusing on the construction, marketing and management of the project.
Of Rs 625 crore, about Rs 250 crore has been loaned by IndusInd Bank for Sky Mansion.
One of the major reason why the company is only looking for JDAs, according to Qiongjia is that the land titles are not very clear in India and they don’t want to risk it. “Our core strength is development and hence we want to focus on the same,” said Qiongjia.
He further adds that while they would prefer greenfield projects, they are open to work on under-construction projects as well if there are no litigation involved.
The company is planning to come up with its second project in Gurugram. “We are in initial talks as of now, said Qiongjia declining to shed further details.
One of the reasons why they feel that it is an opportune time for expansion in India is because after two years of implementation RERA, the real estate sector has become more transparent than it was ever before.
Apart from residential, the company is also looking to enter the commercial and retail sectors in coming years.