Dubai's Meraas eyes Indian buyers for premium residences

Property investors and high net worth Indians can now own premium residences in Dubai with Meraas, a Dubai-based holding company, marketing its new venture 'Bluewaters' in India through Australia's Raine & Horne.

The company at its roadshows in Hyderabad, Delhi and Mumbai is offering a flexi payment plan for those looking to buy the residential units in the project coming up on manmade island off the Jumeirah beach residence coastline in Dubai.

The project comprises 698 one to four bedroom apartments, four penthouses and 17 villas with price ranging from about Rs 3.5 crore (for a one-bed room apartment) to Rs 70 crore (penthouse).

Raine & Horne, a global services company based in Australia, will begin the marketing in India with first roadshow here on March 25 and 26.

Sanjay Chimnani, Managing Director of Raine and Horne Dubai told reporters that they expect to sell 100 units at the roadshows in the three cities.

"This is high-end big size products priced reasonably. We are targeting all those who can afford to pay Rs 75 lakh upfront," he said.

The company is offering four-year payment plan with zero percent interest. The customers can book the units by paying 10 percent of the cost. They have to pay another 10 percent at the time of delivery in October and 5 percent every four months.

With 9 to 10 percent growth in rental income, the investors can pay the installment with their earnings from the rent, he said.

Indians in Dubai are among biggest foreign investors in Dubai's real estate. Quoting Dubai's land records department, he said people of Indian nationality purchased real estate worth Rs 30,000 crore in 2017, up from about Rs 22,000 crore the previous year.

"This number is going to grow further with Dubai's population expected to be doubled by 2030," he said.

The freehold area, where expatriates are allowed to buy property, has 250,000 units while another 170,000 are expected to be added in next five years.

--IANS

ms/vd