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UAE Real Estate Giant Targets Indian Market

Submitted by on Tuesday, 10 March 2009No Comment

One of the biggest names in world real estate is to expand its interests in India and plans to market its homes projects on a “pan-India basis”. Hamptons International, a subsidiary of Dubai-based giant Emaar Properties, has already made a mark in the Delhi and Mumbai real estate markets. It specialises in sales, lettings, and homes developments and is already known for schemes such as the Commonwealth Games Village 2010 in Delhi.

After its initial four years in India, the company has announced it is expanding marketing cross the country and could announce new Indian real estate projects in 2009 despite a recent slowdown in the market. Maa Properties said of the company’s expected expansion: “It has also identified healthcare, education and infrastructure as business lines for future growth.”

The Commonwealth Games Village will house athletes during the event but will be turned into homes priced from £224,368 ($316,252) and will include landscaping and a community hub. The innovative homes project is set to be the first purpose-built self contained residential real estate scheme in Delhi. Security remains a concern ahead of the 2010 games and the November terror attacks in Mumbai cast a shadow over the planning of the event. But organisers recently told Reuters that security remains a “number one concern” and that measures similar to those used at the 2008 Beijing Games could be used.

Emaar is already one of the biggest builders of homes in the UAE and is also developing a presence in North Africa and Western Europe. Says R K Mittal, CMD of CHD Developers, “More single women are now coming forward to invest in real estate. About 15-20% of all enquiries we get are from women and almost half of these are unmarried. Women today are on the same professional, personal and financial platform as men. They are independent, earning high salaries, driving their own cars, and have an impressive lifestyle full of luxuries. Owning a house, no doubt, is topmost priority. It makes them feel safe and secure for the future and serves as a wise investment option.”

Agrees Rohtas Goel, CMD of Omaxe, “Today, more women are buying their own homes. Yes, we are getting more queries from prospective women buyers now, but they are more for Tier-I cities as compared to Tier-II & III cities. Also, mature female buyers will often buy in an urban area as most urban centres tends to escalate faster in value than in a suburban environment, so there is opportunity for greater equity growth.” And even though developers may not have special schemes yet lined up to specifically target the woman buyer, most are mulling the option seriously. While CHD Developers does not currently have any special incentives for women, they will come up with them if the percentage of women buyers keeps showing an upward graph. Omaxe and Ambience Group are also not averse to the idea of planning some special incentives for the women buyer.

Adds Grover of JLLM, “All developers instinctively or consciously factor in some basic considerations while planning their projects. For instance, every developer knows that it is the woman, and not the man, who has a deep, practical knowledge of what is and what isn’t required in a home. In that sense, every residential property is fundamentally designed keeping the women in mind.” It’s not a man’s world alone. In fact, women have a lot to keep them motivated in their property pursuit.

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