CHALO DUBAI
Forget London – New York : Now Dubai is the hottest place for up market Indians
Dubai’s realty market is the new Eldorado for Indian’s well-heeled, who are buying residential and commercial spaces. Next to London, it’s the hottest realty destination. There are no official numbers but the market estimates that Indians spent Rs 4000 crore in Dubai’s concrete jungle in 2007.
The trend of Indian residents investing abroad is a recent one. The prime reason of investing is Dubai is tax incentives, no taxes on foreigners acquiring property in Dubai and no tax on income from capital gain.
To lure property buyers, the Dubai government has also introduced a system of granting resident visas to property owners. (You cannot work on this visa though).
In Sep, 2007, another booster was added to this property buying spree when the RBI (Reserve Bank of India) doubled the amount Indians could invest abroad annually from USD 1, 00,000 to USD 200,000 (Rs. 80 Lakhs).
Above all, despite its spiraling prices, property in Dubai is cheaper than buying a flat in Delhi or Mumbai. Land Price in Dubai Marina is around RS 18,000 per sq.ft. Prices in similar Mumbai localities would easily be around Rs. 60,000 per sq.ft. You can get a 1299 sq.ft apartment in Dubai for Rs. 2.6 crores, but a similar unit in Mumbai would be priced in multiples of that amount.
Some other compelling reasons for Indian to invest in Dubai:
- It’s close to India, with several flights everyday.
- Its glitzy malls offer an array of experiences.
- It’s swinging night clubs attract the worlds best DJ’s.
- Horse-racing, desert safaris, golf, gourmet restaurants, luxury hotels etc.
- Booming real estate sector.