Indian developers eyeing overseas realty market
More and more Indian realtors are planning global. And the Middle East, especially Dubai, seems to be the most preferred destination. Reversing the trend of international investors flocking to India’s booming reality sector, domestic players are foraying into the foreign market.
One of the first Indian developers to look beyond Indian shores was Parsvnath Developers, which last year began setting up development offices in Sri Lanka, Mauritius, Singapore, Britain, and, of course, the Middle East. It has now tied up with the Al-Hasan Group in Oman.
Over the past year, at least six real estate companies, big and small, have lined up a number of overseas development projects, mostly in the Gulf region. “What attract the developers to the Gulf market are low cost and high profit margins,” Anuj Puri, India head of global real estate management and services firm Jones Lang La Salle Meghraj, told reporters.
Who wants to live for ever? Me!! I dont want mortgages for my children! Flats 4 everyone!!! Cheers