First In­ter­na­tional Real Es­tate Awards given at Dubai

Accommodation Times - - ..Editorial.. - - Mu­rari Chaturvedi mu­rari@ac­com­mo­da­tion­

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.

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