Set against a background of green paddy fields, just off one of the main highways in the district of Thrissur in Kerala, a gated community with looming towers of luxury apartments and modern, plush villas is under development.
The list of owners of properties in the upmarket project in India reads like a Who's Who of some of the most successful Indians based in the UAE, with the jeweller Joy Alukkas and Lulu Group's Yusuff Ali among them.
For the builders, India's Sobha Developers, the demand coming from the Arabian Gulf region, is crucial, with close to half of the sales in the 55 acre 8.5 billion rupee (Dh574.4 million) Sobha City development coming from the Middle East and buyers from the UAE being the strongest group.
"About 48 per cent of my sales are from people from the Middle East [in Kerala]," says P Ramakrishnan, the deputy managing director at Sobha Developers.
There have long been strong migration flows from Kerala to the UAE and the wider Gulf, with Indians heading abroad in search of business and job opportunities.
In recent years the flow of remittances to the southern Indian state and the desire of expats to own a house in their home country has helped to drive a property boom in Kerala.
The state is awash with billboards plastered with advertisements showing enviably luxurious villas with shimmering turquoise swimming pools and slogans promising "the key to the good life" and access to "a truly international lifestyle" or "the benchmark for luxury living".
Nisanth MN, the senior general manager for Sobha City, says prices of four-bedroom villas in the completed first phase at the development, built around a 6.5 acre manmade lake, have surged from about 23m rupees when they were sold off-plan in 2007 to a resale value of about 40m now.
Anoop George, a marketing executive at SI Property in India, says property prices have increased by 50 per cent over the past couple of years in Kerala. The fact that the Indian rupee has weakened sharply means expats can get more attractive prices on properties as they take advantage of the exchange rate, Mr George says.
But high interest rates on fixed deposit saving accounts in banks, mean expats are often opting to put their money in the bank to accrue interest rather than taking a risk on tying up their cash in property investments, he adds.
"The problem is that people are parking their money in the banks and that's a worry for us," says Mr George. "The banks have excellent offers."
Renil Venad is a marketing executive at Skyline Builders, a property developer. He says global economic uncertainty and some concerns about tax issues in Kerala are creating an unfavourable environment. About 55 per cent of the developer's clients in Kerala are non resident Indians (NRIs), he says, adding prices are extremely high.
"We have projects costing 7,500 rupees per square foot. Other developers are selling for 10,000 per square foot."
But in Kochi, Kerala's main economic area and a port city, high-rise apartment builders have flooded into the market to tap demand from expat investors in recent years, creating pockets of oversupply.
"In Kochi, the investors' market is slightly stagnant now but the end-user market is still there," says Mr Ramakrishnan. The developer is aiming to launch a project in Kochi this year in one of the less congested areas.
High prices in Kerala are largely a result of soaring land costs, Mr Ramakrishnan says.
"Most of the people are advertising the luxury projects in Kerala because the land cost is very high in Kerala. It's very small, there's a lot of forest, mining, coastal line and a very thickly populated state.
"It's better to position that into the luxury segment. Now all of them are looking outside, maybe the Middle East."
As well as demand from Indian expats, growing economic wealth within India is also a driving factor for such projects, he adds.
"Over the last year or so we are seeing a lot of real estate action … not only in major cities but also in other hubs in Kerala connecting these cities," says Ramachandran Nair at Nandanam Consultants.
"This has resulted in multi-storeyed buildings and villas that are coming up not only in the main cities like Trivandrum, Cochin and Calicut but in other major towns like Thrissur, Kannur, Palakkad and Kottayam, Kollam and also in several other smaller towns.
"The existing major builders are launching new projects and new builders are also coming to the field," he adds.
"At last count we interacted with over 70 builders only in Trivandrum covering over 250 projects with a majority of projects in pre-launch or pipeline phases."
He says the city of Kochi has already had a correction in prices because of its oversupply.
"A lot of unsold inventory, especially in Kochi, has now been sold out due to price reductions offered and the correction Kochi has seen in 2011 to 2012 phase."
Locals are increasingly accounting for more and more demand in the luxury segment in Kerala.
"We do witness NRIs investing in luxury apartments and also in budget apartments," says Mr Nair.
"The trend being seen is that instead of NRIs who typically bought luxury homes earlier, the local population is also showing keen interest in migrating to a posh lifestyle.
"The trend is that the business community significantly prefer moving to luxury apartments and the common Keralite who owns a budget home is showing a penchant for a luxury home."
The property sector is one of the most important parts of Kerala's economy, says Savio Mathew, the secretary at the Kerala chamber of commerce and industry.
"Each sector has got its ups and downs," he says.
"It had its down and now it's booming."
Mr Ramakrishnan notes that is one major disadvantage to selling to NRIs, who would only occasionally make use of their property.
"I don't want more than 50 per cent to be sold to the Middle East too. I don't want it to be a ghost [town]."
business@thenational.ae
APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Company%20Profile
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COMPANY%20PROFILE
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The Written World: How Literature Shaped History
Martin Puchner
Granta
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Ferrari
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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
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
Honeymoonish
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
