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29 March 2024

UAE-based NRIs buying luxury properties in India

Sultan Butti Bin Mejrin inaugurates Indian Property Show in Dubai today (SUPPLIED)

Published
By Parag Deulgaonkar

Indian developers are not worried to find buyers for their luxury, rich non-resident Indians (NRIs), inlcuding those in the UAE, are buying bespoke apartments with prices as high as Dh20 million.

“We have closed deals worth Dh85 million in the last few months for our luxury projects Blu-Worli and Sky-Parel,” Siddhesh Priolkar, Assisttant Vice President Marketing and Business Development, Indiabulls, told Emirates 24l7.

The units in these projects range from Dh4 million to Dh12 million.

Indiabulls is taking part in three-day India Property Show 2013, which  opened on Thursday, and is planning to offer a Mercedes Benz to customers buying apartments in the above two projects during the exhibition.

“We are still working on it and hopefully we may come with something tommorow,” he said.

The customer, however, has to pay Rs1 million as downpayment and pay 20 per cent of the total value of the apartment before getting the Merc keys. The remaining 80 per cent has to be paid on completion.

Although the Lodha Group isn’t displaying the Dh1.3-billion The World One project , billed to the world’s tallest residential tower, at the expo, Jaskaran Singh Arora, Manager Sales, says there has been a good demand for properties in the project from overseas Indians.

“A number of UAE-based Indians have shown interest in these apartments. There will be a one-to-one meeting for our ‘Monogram Collection’ from Friday,” he said.

Sumansa Exhibitions, the organizer’s of the expo, are expecting to close deals worth Dh180 million during the event.

“Apart from all time devaluated rupee, the recent approval of the long pending Real Estate bill by government of India has paved way for much transparent real estate sector. This will be implemented in the due course and will boost more confidence within the Indian expats providing more transparent regulation and deals,” says Sunil Jaiswal, Chief Executive, Sumansa Exhibitions.