'The real estate sector will touch the $50 billion mark by 2010'
Source: Hindustan Times
Hussain Sajwani, founder and chairman, DAMAC Holding speaks to Nuzhat Aziz on DAMAC's recent venture in India and the investment opportunities in Dubai
DAMAC Properties has recently tied up with 60 agents in India across metros and tier I cities. What is going to be the strategy and how will DAMAC sell regional properties to the Indian investors? India is one of the fastest growing markets in the world. The purchasing power has also gone up accordingly If you look at the recent developments with regard to real estate industry alone in India, the picture is quite positive and that has also grown due to the buying power of the consumers in India.
We are currently in the feasibility study stage and will share more details as things unfold.
Are there any particular cities that DAMAC will focus on? Which are they and why?
We are currently looking at Tier 1 and Tier 2 cities. We are in the evaluation phase. However, we feel that the growth is more or less uniform across India at this stage. Definitely the Tier 1 will command a premium but overall the country is on a great growth path.
How easy or difficult it is for investors to invest in properties abroad? What are the norms for NRI and foreigners?
It is extremely easy for Indians to buy a property in the UAE. However, it has to be in the freehold area. The major property boom in Dubai started in May 2002, when Sheikh Mohammed Bin Rashid Al Maktoum, vice President and Prime Minister of the UAE issued a decree to allow foreigners to buy and own freehold property in selected areas of the city.
There is no restriction in the kind of properties one can buy � apartments, lands or even in terms of maximum or minimum size of the property one can hold.
One can also sell the property at any legal system is absolutely transparent.
The documents required for an investor a passport copy, communication address and the token deposit. It is as simple as that.
What is DAMAC'S next venture?
We have recently announced the launch of Harbour Heights, an iconic residen-tial development at Al Reem Island in Abu Dhabi. The launch of the unique project comes close on the heels of the unprecedented success achieved by DAMAC in its various properties across the UAE and Middle East.
A 40-storey tower, Harbour Heights will comprise one, two and three-bedroom apartments with penthouses and duplexes on the higher levels.
The apartments will be equipped with state-of-the-art accessories, thoughtfully planned space and utilities and elegantly designed interiors.
How do you perceive the real estate industry with the slump in the stock markets and also with inflation?
The real estate industry will definitely grow as the demand for the same is quite high across India despite the inflation and the stock market slump.
Which cities in India are likely to be real estate gold mines in the future?
Definitely Tier I cities like Mumbai, Bangalore, Delhi are likely to have larger scope with respect to the real estate sector.
Do you see a change in the realty sector in the next five years?
The Indian real estate market is expected to touch the $50 billion mark by 2010 and is a very important market for DAMAC Properties. DAMAC foresees a good investment portfolio in this region and has plans to invest $5 billion in India over a period of three years.
We are currently in the feasibility study stage and will share more details as things unfold.
Are there any particular cities that DAMAC will focus on? Which are they and why?
We are currently looking at Tier 1 and Tier 2 cities. We are in the evaluation phase. However, we feel that the growth is more or less uniform across India at this stage. Definitely the Tier 1 will command a premium but overall the country is on a great growth path.
How easy or difficult it is for investors to invest in properties abroad? What are the norms for NRI and foreigners?
It is extremely easy for Indians to buy a property in the UAE. However, it has to be in the freehold area. The major property boom in Dubai started in May 2002, when Sheikh Mohammed Bin Rashid Al Maktoum, vice President and Prime Minister of the UAE issued a decree to allow foreigners to buy and own freehold property in selected areas of the city.
There is no restriction in the kind of properties one can buy � apartments, lands or even in terms of maximum or minimum size of the property one can hold.
One can also sell the property at any legal system is absolutely transparent.
The documents required for an investor a passport copy, communication address and the token deposit. It is as simple as that.
What is DAMAC'S next venture?
We have recently announced the launch of Harbour Heights, an iconic residen-tial development at Al Reem Island in Abu Dhabi. The launch of the unique project comes close on the heels of the unprecedented success achieved by DAMAC in its various properties across the UAE and Middle East.
A 40-storey tower, Harbour Heights will comprise one, two and three-bedroom apartments with penthouses and duplexes on the higher levels.
The apartments will be equipped with state-of-the-art accessories, thoughtfully planned space and utilities and elegantly designed interiors.
How do you perceive the real estate industry with the slump in the stock markets and also with inflation?
The real estate industry will definitely grow as the demand for the same is quite high across India despite the inflation and the stock market slump.
Which cities in India are likely to be real estate gold mines in the future?
Definitely Tier I cities like Mumbai, Bangalore, Delhi are likely to have larger scope with respect to the real estate sector.
Do you see a change in the realty sector in the next five years?
The Indian real estate market is expected to touch the $50 billion mark by 2010 and is a very important market for DAMAC Properties. DAMAC foresees a good investment portfolio in this region and has plans to invest $5 billion in India over a period of three years.
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