UAE-based NRIs can get BMWs, cash discounts by buying property in India

From luxury cars (BMWs) to expensive bikes (Harley Davidson) to cash discounts going up to Rs1 million, Indian developers are leaving no stone unturned to entice UAE-based non-resident Indians (NRIs) to buy their dream home this time.

And if all these offers aren’t enough, one developer is going all the way to give a 50 per cent return on investment in just 15 months.

Bombay Realty, a Wadia Group venture, is offering a luxury car (the likes of BMW) to each UAE-based buyer of an apartment in One ICC and Two ICC towers located in its Island City Center, a mixed-use project in Dadar East, Mumbai. Purchasers will have to shell out minimum of Rs6.3 crore (Dh4.2 million ) to own an apartment in these towers.

Neha Jain, Deputy General Manager - Sales, Bombay Realty, told ‘Emirates24|7’: “There’s been good demand for our properties from investors in Dubai and Jakarta. Since pre-launch, prices in our project have gone up by 12 to 15 per cent.”

The 85 and 84 floor towers comprise three and four-bed “air-conditioned” apartments, each having floor to ceiling glass.

Durgesh Mehta, Joint Managing Director, The Bombay Dyeing & Manufacturing Co, in a statement, said: “NRIs have a special inclination towards luxury developments like these as they get used to the comfort and luxury lifestyle offered to them in international cities like Dubai.”

In order to lure investors, Indiabulls, one of the largest listed real estate developers in India, is giving away a Harley Davidson with every flat booked in its Blu-Worli and Sky-Parel projects.

Santosh Tandel, Regional Head – Mena Region, Indiabulls, believes: “If you have disposable income, it is good to have exposure to real estate apart from your own house, as it serves both the purposes of investment and hedge against inflation. Good cities for investments can be attributed to infrastructure development, strong investments sentiment and potential for capital appreciation.

“In residential properties the investments happens over expected appreciation rather than yield, because the yield is around two to three per cent, while commercial properties give a yield of 10 to 12 per cent.”

Pre-launching One World, a villa community next to Old Mahabalipuram Road (OMR), Chennai, is Artha, a pan-India developer. The 150 villa, designed by internationally renowned companies, range between Rs2.5 crore (Dh1.67 million) and Rs5 crore (D3.33 million), while Zen, a 72 villa project in Bangalore, is priced between Rs1.5 crore (Dh1 million) and Rs2.5 crore (Dh1.67 million).

“There is high demand for villas and especially in the OMR area where there are only hi-rises,” says Balwinder Singh Reen, National Head -Sales, Artha. 

He adds: Property prices in Chennai and Bangalore have gone up by almost 20 to 30 per cent in the past one year and will continue to rise.”

Artha, on its part, is offering cash discounts to buyers, which could go up to Dh66,666. 

Godrej Properties is harping on their brand name and so isn’t offering discounts to buyers. Prices for the developer’s Mumbai project, Serenity in Chembur, comprising luxury penthouses, start from Rs4.24 crore (Dh2.83m) to Rs6 crore (Dh4m), while Platinum Vikhroli, two and three-bed apartments and four-bed duplex, start from Rs2.2 crore (Dh1.47m) to Rs2.31 crore (Dh1.54m).

Prices for apartments in Platinum in Bengalaru range from Rs2.20 crore (Dh1.47m) to Rs3.1 crore (Dh2.07m).

Confident of price appreciation in Mumbai’s realty market, A&A, a Mumbai-based developer, is offering 50 per cent return on investment in 15 months.

Sanghmitra Kandalgaonkar, Director, A&A, says: “We are so certain of the price appreciation that we are offering our investors 50 per cent return in 15 months. We are even ready to buy back from investors and offer them a 50 per cent return provided they hold it for 15 month..”

With “pre-launch” projects offering yields up to 25 per cent in project implementation stage alone, Investors Clinic, a real estate consultancy that has managed to sell properties worth  Dh1.1 billion to NRIs, is focusing on marketing such projects.

Nishant Singhal, Director Strategy, Investors Clinic, says: : “NRIs look for best investment options with returns in the range of 18 to 30 per cent per annum. Plus there is a lot of interest in pre-launch projects wherein entry point is low and property yields up to 25 per cent in project implementation stage itself. To cater to increasing demand in the new projects, we are showcasing over 20 new projects from cities such Delhi-NCR, Mumbai, Bangalore, etc.”

The three-day Indian Property Show, opened on Thursday, is being held at Dubai World Trade Centre, Hall No 3. Properties worth Dh30 billion by over 90 developers are being exhibited.

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