DUBAI, TOP REALITY DESTINATION FOR HYDERABADIS

By CJ Syed Mirza in Hyderabad

Hassle-Free Transactions, Better Returns Woo Rich Investors From City. Move over Hyderabad, its destination Dubai for elite home buyers from the city. With properties in the land of the ‘Burj Khalifa’ promising better returns along with luxurious living, several well-heeled Hyderabadis are now flying straight to the UAE to put their money in the swank towers springing up across Dubai’s prime locations. The fact that unlike in the city, homes there are not just tax-free but also litigation-free, seems to be one of the factors driving the rich to the foreign locale. 
    
Not surprising then that the Dubai-based real estate major Damac Properties has, for the first time, included 'mana Hyderabad' on its India itinerary, which until now largely comprised Mumbai and New Delhi.
In thecity to show case its upcoming projects, representatives of the company seemed only too optimistic about the outcome of their stopover in the AP capital to win a fat clientele of cashrich investors. 
    
That their aspiration isn’t impossible was evident by the steady flow of prospective buyers who walked in all through the two-day show to make enquiries about the plush homes on sale. Apart from first-timers, many were existing property owners with at least a couple of swank ‘hotel’ or ‘studio’ apartments to their name. 
    
“We get much higher rents in Dubai than in the city. Also, the transactions (including getting possession of the property) are hassle-free,” said Nusrath Fatima, a resident of Jubilee Hills, who has four homes (one under construction) in the business hub of West Asia. 
    
She also explained the economics. “A home worth Rs 1 crore (or more) here will fetch nothing more than Rs 40,000-Rs 50,000 as rent per month. On the contrary, the same investment can get me anywhere between Rs 70,000 and Rs 80,000 dirhams (roughly Rs 11-12 lakh per annum) in Dubai.” Fatima added that these homes come with star facilities and high-end infrastructure. 
    
“I have been dabbling in the Dubai market for close to 10 years now. While it did take a beating post the 2008-09 global crises, it has regained normalcy now and has the potential to grow at an exponential rate over the next few years. For anybody with ready cash, Dubai is the best investment destination,” said Syed Algazi, managing director of citybased N F Constructions Pvt Ltd, and owner of at least 7 to 8 properties in the overseas land. Apart from Damac, luxury homesbeing developed by realty majors such as Emaar Properties, the ETA Star group and Nakheel Properties among others, are being routinely picked up by a large number of Indians, Algazi said. 
    
“It is a place we visit often as we have many friends and family members living there. Apart from better earnings, buying an apartment in Dubai would also serve as a holiday home for the family. I am looking forward to signing a deal soon,” said Farhath Begum from Somajiguda.