DAMAC Properties, a Dubai-based realty developer known for its luxury apartments, said that it plans to invest upto $5 billion in the Indian realty market.
MUMBAI: DAMAC Properties, a Dubai-based realty developer known for its luxury apartments, on Wednesday said that it plans to invest upto $5 billion in the Indian realty market with a focus on developing high-end apartments, townships and retail structures.
"We plan to invest between $3 to 5 billion in the Indian market to develop properties in Mumbai, Delhi, Bangalore and Hyderabad," Hussain Sajwani, Chairman of DAMAC Holding, parent company of DAMAC Properties told here.
Sajwani also said, "we would look to develop these properties ourselves but are also open to joint ventures with Indian companies and are presently in talks with a few of them."
The names of the Indian companies cannot be disclosed presently and the investment would mainly be for land acquisition, he said.
The company would be looking at developing luxury apartments or small high-end townships in these cities and they expect to start their first project within a year, Sajwani said.
DAMAC has developed retail, residential and office space in the Middle East and some parts of north Africa and this is the their first venture into the Indian market.
"The Indian market has become very expensive in the last three years but there is still a large potential for growth. The existing laws are a bit difficult presently but if they become more developer-friendly in the future, we could look at scaling up our investment," he said.
Besides luxury apartments, DAMAC would also look to invest in the high-end retail segment particularly specific boutiques rather than shopping malls, Sajwani said.
The company, which has high-end as well as residential apartments in the Middle East, is also looking forward to greater investment in realty there by Indian buyers.
Presently, only about 2 per cent of the buyers of our property are from India but we expect this to rise to between 7 to 10 per cent in the coming years, Sajwani said.
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