First International Real Estate Awards given at Dubai
The magnificent hall at hotel Crowne Plaza at Dubai was the venue of Accommodation Times 1st International Real Estate Awards on 14th June 2015. The function was attended by the who’s who of the Dubai’s investors and builders community. The glittering mega function seen the hall full to the capacity with the decision makers, Mr. Vijay Nair, ex Commercial Manager, HDFC, who was in chair as the speaker, was beaming with joy after concluding a property deal worth Rs. 600 crore cheque in hand and showing it to all. The deal was concluded at the function itself. Never in the history of Accommodation Times, a deal was finalised in the Award function itself. UAE is having 2.2 million Indians. Dubai is always scouting to invest in the Indian Real Estate Market into residential segment as well as commercial targeting upper mid market and mid- market. There is great opportunity for builders and financial services in Dubai and Abu Dhabi. There are growing number of property exhibitions in Dubai exhibiting Indian real estate. The growing number of such exhibitions indicate that more and more people wants to invest in Indian properties. Indian real estate industry should grab this opportunity by enhancing their marketing with clear and full information about their properties to be sold in Dubai. The repatriation up to two residential units and annual repatriation limit up to $ 1 million out of NRO account arising out of income from sale of properties and rentals, have made investment in the real estate a lucrative opportunity for the NRI’s. At the time when the domestic market in India is stagnant in real estate the builders should intensify their marketing efforts in places like Dubai, where investors and NRI’s are eager to invest in Indian properties. Indian government has taken commendable steps to finalise several landmark reforms in this sector, including opening of retail sector to global investors. Mumbai is the best city in India for commercial real estate investment followed by Bengaluru and Delhi-National Capital Region. Lastly there should be a government monitoring agency in Dubai to safeguard the interest of investors there and also promote the Indian real estate sector.