Realty investors sail to Gulf, UK as India market is hot plate

Written by Mona Mehta | Mumbai, Feb 25 | Updated: Feb 26 2008, 06:40am hrs
High property ownerships and rental prices in India are forcing many Indian real estate investors to acquire properties in the Gulf countries and the United Kingdom to meet their residential and official needs in these markets. Mohammed S Binbrek, CEO, Dubai Properties told FE, Indian investors are planning to acquire Jumeirah Beach Residence comprising 36 buildings and 6,500 apartments apart from Business Bay 64 mn sq ft along world class infrastructure for commercial use and The Villa at Dubailand (Spanish-style Villas). Investors have also shown interest in acquiring apartments in Mudon property (incorporates five individual cities - Baghdad, Beirut, Damascus, Cairo, Marrakech). Marketing of these properties is being handled by Mumbai-based Morya Housing, which currently has a marketing arrangement with Dubai Properties.

Meanwhile, a few Indian developers have also shown interest in developing properties in land owned by Dubai Properties in Dubai. These include Larsen & Toubro (L&T), ETA Developers, Lodha Group and Dheeraj Properties, among others. Dubai Properties is also all set to launch their first Indian corporate office at Bandra in Mumbai by September 2008. Says Binbrek, We have zeroed in on Bandra in Mumbai for our corporate office, which will come up by Sept 2008. We will forge tie-ups with real estate developers here.

According to industry sources, in the United Kingdom, Indian investors are keen on acquiring properties of Ukliin, a UK-based real estate company. The latter too is currently scouting for buyers as well in India through Morya Housing. By acquiring majority flats and commercial properties in international markets, Indian investors will be able to utilise apartments to live in during holidays and official visits, Binbrek added.