At the Casa Rio project in Dombivli, promoted by the Lodha Group, a 2BHK flat is going for Rs45 lakh. And at the same price, you can get a 2BHK apartment — with more carpet area and a world-class lifestyle to boot — in the suburbs of Dubai.
At the Casa Rio project in Dombivli, promoted by the Lodha Group, a 2BHK flat is going for Rs45 lakh. And at the same price, you can get a 2BHK apartment — with more carpet area and a world-class lifestyle to boot — in the suburbs of Dubai.
From 500-sq-ft studio apartments for AED 1,60,000 (Rs19.2 lakh approx) to sprawling 2BHKs for as less as Rs40 lakh, residential real-estate in Dubai is attractively priced at the moment and savvy investors of Mumbai are making the most of this opportunity by mopping up apartments in Dubai. While free-hold projects in Dubai’s upcoming areas, such as Al Warsan and Media City, are a favourite with low-end buyers, the luxurious projects in posh areas such as Palm Jumeirah, Dubai Marina and Burj District are a big hit with high net worth investors from Mumbai.
Mohamed Ali, general manager of Dubai’s leading developer ETA Star Properties, says, “We have a lot of interest from India and close to 35% of our customers are from the sub-continent.” He says that Indian buyers look for quality apartments and villas at value-for-money pricing, and Dubai offers them the best package.
Dubai is witnessing the second wave of interest from Indian investors, after the sharp collapse of its real estate sector during the global slowdown in 2008. Percy Dastur, a Dubai management consultant, says that the resurgence of the realty sector in the past one year, buoyed by a new favourable visa regime is bringing back the investors. “In Dubai, you get 8-12% of your apartment’s value in annual rent, while in Mumbai you barely get 2-4%. Not to mention the scope for good appreciation from the current price levels,” he says.
Meanwhile, for the well-heeled investor, a property in Dubai is a must in the portfolio. “I travel to Dubai at least twice a month and it makes sense to stay in my own apartment than stay in expensive hotels,” says steel trader Rakesh Agarwal.
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