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ETA Star of Dubai investing in Indian real estate |
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4/7/2006 10:56:15 AM |
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 Dubai-based Al Ghurair group's ETA Star is offering rich Indians real estate propositions in Dubai and in India in collaboration with the Tata group's Taj chain. Among these are the Grandeur Residences at Palm Jumeirah in Dubai and The Gardens in Bangalore.
International realty developers are wooing wealthy Indians, especially celebrities, jetsetters, and the growing tribe of billionaires, wanting them to invest a part of their growing assets portfolio in overseas properties.
With India taking tentative steps towards the free float of the rupee, international developers see tremendous opportunities in the country, and have begun marketing projects. The latest to do so is Dubai-based ETA Star, part of the $3 billion Al Ghurair group, which has a significant presence in property development and retailing.
Says Abid A. Junaid, executive director, ETA Star: "We expect many resident Indians to invest in our new project in Dubai. The response so far has been overwhelming."
Dubai, one of the most dynamic states in the United Arab Emirates (and also in the Middle East) is witnessing a veritable property boom, with projects worth a whopping $100 billion being executed both by the public and private sectors.
Other Dubai-based property developers who have taken up major property projects in India include Emaar Properties, which is developing the sprawling Hyderabad International Convention Centre, a business-cum-leisure facility, and has announced the largest foreign direct investment (FDI) of $500 million in the Indian real estate sector.
According to Junaid, the project is expected to be operational by 2009. With many Indian businessmen travelling frequently to Dubai - and paying between $300 and $500 a day for hotel rooms - they would find it an attractive proposition to acquire an apartment or a villa at the new development.
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