Having established itself as a leading private real estate developer in the UAE, Dheeraj & East Coast LLC (DEC) today announced plans to enter India's booming real estate market with the first project scheduled to be launched in the first quarter of 2008.
The announcement was made at the Indian edition of the property exhibition Cityscape, which runs from 19-21 November in Mumbai - the commercial hub of India. Dheeraj and East Coast LLC are the platinum sponsors of the 2007 edition of the exhibition that is set to reflect the huge international interest in the Indian property market and also serve as a platform for the announcement of major projects.
Currently, the Dubai-based real estate developer is undertaking feasibility studies for its projects planned in the Indian cities of Bangalore and Pune to begin with, details of which are to be announced later this year. Although this is DEC's first initiative in India, one of its joint venture partners, Dheeraj Group, has an array of world-class projects in several cities of India, including many in the country's commercial capital Mumbai.
Describing DEC's entry into the Indian real estate sector as opportune Mr. Dheeraj Wadhawan, Managing Director, DEC said,
'India figures prominently in DEC's expansion plans, because the phenomenal growth witnessed by the country's real estate sector offers attractive opportunities. Quality housing has always been in demand in urban areas of the country and now this has been spurred by galloping economic growth. An annual growth rate of over eight per cent has given the country's middle class immense purchasing power and this is reflected in the retail sector boom."
'The relaxation of FDI restrictions and the emergence of a new quality-conscious consumer class that seeks international standards without bothering too much about price tags, has increased the attractiveness of this market. Dheeraj East Coast intends to tap this market by combining its total experience of six decades in the real estate sector with the impressive international credentials earned in the highly competitive Middle East real estate sector,' Mr Wadhwan added.
Additionally, forecasts of robust economic growth for the country in the next 20 years seem to substantiate Mr. Wadhwan's expectations. According to available official statistics, India attracted $3bn worth of real estate and construction investments over 12 months to March 2007. This financial year the government is targeting $30bn as foreign direct investment. In the last two years real estate prices in the country have doubled but in spite of that the market offers developers the most lucrative returns on investment. This has attracted many property companies from the US and Europe to the country particularly in the wake of the US sub-prime crisis. Also the young, wealthy and upwardly mobile middle class comprising professionals and entrepreneurs are expected to constitute 30% of the population by 2010. This demographic reality is expected to fuel an insatiable demand for residential units, entertainment facilities, retail developments and other infrastructure developments.
Commenting on the returns on investment for buyers and investors Mr. Wadhwan said:
'Our clear understanding of the Indian real estate market, reputation for delivering quality projects and international expertise gives us the necessary leverage to negotiate high returns on investment for our customers. The success of our numerous projects is the greatest testimonial of the trust buyers and investors place in us.'
With a clear intention of expanding into India, DEC would not only aim to replicate the success it has enjoyed in the UAE but also look ahead to establish itself as a leading international real estate developer combining competitive edge with class.
Dubai is host to many prestigious DEC developments, prominent among them being the Dhs525m Marina Wharf I and II projects and the Dhs300m Business Towers. The18 major developments of DEC include projects such as Cascade Ville, Cascade Manor, The Estate, Corporate Bay, The Sanctuary, The Lawns, Crystal Tower and DEC Business Towers.
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