The Indian economy is taking pleasure in an exhilarating boom, nudging
10 per cent annually, and the demand for houses among its expanding
young middle classes on higher incomes, courtesy to IT outsourcing and
BPOs, has finally caught the eye of global developers.
Emaar Properties, the developers in charge for the impressive makeover
of Dubai, are targeting India's transformed property market through
its affiliation with India's MGF Developments. Emaar-MGF's Managing
Director, Shravan Gupta said, "We plan on building 100,000 homes
here over the next five years, making us India's largest developer,".
According to Paul Rogers, of Emaar's British subsidiary, Hamptons International,
non-resident Indians are fervently opting for Emaar-MGF's developments.
"This is a massive market in the UK,". According to him, there
are 1.3 million NRIs here and they are buying 'back home' with the intention
of use for holiday. Many have family there or are buying for investment.
The economy is thriving, and it's easy to see why it is a strong investment."
Investors are chasing the "next city to boom" as property
values across India soar by up to 100 per cent in hotspots such as Hyderabad
and Gurgaon. With majority of the population under the age of 35, augmented
exposure to western culture is producing a new Indian middle class not
wanting to reside with their extended families. In Gurgaon, Emaar is
building the 18-storey towers of Palm Drive on a 37-acre site.