Bangalore-based Ozonegroup has become the latest Indian property company to open an office in Dubai as a poorly performing domestic market and low rupee values prompt developers to focus more attention on courting Indians living overseas.
Ozonegroup, which focuses on building upmarket flats to cater to India's new super-rich in Bangalore and Chennai, said yesterday that it generated 500 million rupees (Dh30m) in sales last year from Indian expatriates based in the UAE.
The company added that it was also looking at setting up offices in other GCC countries to cater to Indian buyers.
Under Indian law only Indian nationals or people of Indian origin can buy property in the country.
“Non-resident Indians (NRIs) make up 25 to 30 per cent of our overall business. Arabian Gulf NRIs specifically have always been more inclined towards investing in the realty market back home,” said the Ozonegroup vice president for sales and marketing Raghavan K R.
“With an approximate 45 per cent of the UAE’s population being Indians, the need to have a local office catering to this segment was vital,” he added.
Last year Indiabulls, one of India’s largest listed property developers, opened its own sales office in Dubai.
The value of the rupee has been falling steadily since August 2011, prompting developers from the subcontinent to increase their marketing push overseas.
The country’s domestic housing market is under pressure amid the country’s economic slowdown, high interest rates and large inventories of unsold home in major cities.
lbarnard@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
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Specs
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Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million