Eros enters into real estate market

The Dubai-based consumer electronic conglomerate - the Eros Group - has announced plans to enter into the real estate market.

Eros Group, a Dubai-based consumer electronics retailer, is entering the real estate market in bid to diversify its portfolio and boost profits, Gulf News reported.

“We are looking at a different model in real estate development. We will fund the project, and if we don’t get buyers, we will complete the project and sell the units,” Deepak Babani, CEO of Eros Group, told Gulf News in an exclusive interview.

“We are looking at the land bank, labour camps, villas segment and apartments,” he said.

Babani said that real estate is a profitable business and the average return on investment in a project is around 70 per cent and the time frame is around two-and-a-half years.

When asked whether Eros will launch an initial public offering (IPO) to raise cash, he said that the group has internal resources to raise cash and sees no need for a share sale.

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