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Author: Nita Rall
Driven by a search for a safe haven after Covid 19, a precarious rupee, access to better healthcare, frustration over India’s shambolic infrastructure and pollution, and fueled by surging bank accounts, India The filthy rich have joined Russian oligarchs, Arab oil lords, African oil tycoons, satraps and dot-com billionaires looking for luxury places where the sun shines and heavy traffic, making them their homes. It creates envy, admiration, and jealousy.
They are led by billionaire Mukesh Ambani, who recently purchased a US$80 million beachside villa in Dubai. Palm His 10-bedroom mansion in Ambani, Jumeirah, is located in the northern part of a palm-shaped man-made archipelago and reportedly features a private his spa, indoor and outdoor pools, and more. .
Apart from Dubai, Ambani is listed by Forbes as the 11th richest person in the world with a net worth of US$103 billion, and has also purchased properties in London including; Acquires Stoke Park Ltd for US$79 million, joining his Reliance empire and It houses a Georgian-era mansion. Her two of Ambani’s three children are reportedly looking for another home in New York.
Zulfi Bourani, 42, a Mumbai-based real estate agent, said an anonymous client recently invested in a $7 million condominium in a Greek villa. In Europe, it is also possible to obtain Schengen residency and, in addition, visa-free access to the 26 Schengen member states.
Investment-based immigration inquiries from India’s HNWIs surged to a record high of 62% in 2020, adding Bourani: Portugal’s second sights on his house. New Jersey and Atlanta in the United States, Toronto in Canada and Melbourne and Sydney in Australia have also emerged as attractive investment destinations, according to real estate agents.
Recent data from the Reserve Bank of India underscore Bhurani’s claims. From 2021 to his 2022 fiscal year, the wealthy Indian has poured his US$1.69 billion directly into foreign bank deposits, stocks and bonds, as well as buying real estate abroad. The Indian invested his US$292 million abroad in these asset classes in 2014-15.
A recent survey by Sotheby’s International Realty found that a majority of India’s HNWIs plan to purchase luxury residential properties within the next two years, “reflecting a strong and decisive upturn in the luxury real estate segment. ”. Analysts say much of it is driven by a desire to diversify businesses and increase wealth.
“The main drivers for Indians to invest in luxury homes are moving to other countries as part of business expansion or as a place for their children to study, and a slowdown in the domestic real estate market. We also hope to establish a foothold in places such as Dubai because of the provision of rights and tax refunds,” said Prakash Kothari, an Ahmedabad-based investment consultant.
Dubai’s ‘Golden Visa’ scheme, launched in 2019 to ease restrictions on home ownership for foreigners, has been very successful in India, Kothari said. 10 Years Resident His scheme aims to attract foreign investment and attract the best talent from around the world in various fields. Visas are automatically renewed every 10 years as long as the candidate meets the established requirements and conditions. Kothari added that many Bollywood stars have received these popular permits.
The growing billionaire club in India is also pushing such investments. According to Knight Frank, companies with net worth above his US$30 million grew 11% last year due to a strong stock market and the digital revolution. This proportion is further expected to increase by 43% from 113 in 2020 to 162 by 2025. According to its Wealth Report 2021, there are currently 5.21 million of his U-HNIs worldwide, of which 6,884 are hosted in India.
For example, Indian businessman Gautam Adani recently saw his net worth surge by $60 billion to reach $137.4 billion this year alone. This made him the third richest person on earth and the only one from Asia.
A Sotheby’s real estate agent said, “Dollar-denominated markets like New York and Dubai are particularly popular because the appreciation of the dollar against the rupee is likely to affect Indian property owners even if local values of properties are less buoyant. because that means making a profit,” he said.
But apart from a business perspective, more and more rich people see access to better healthcare and infrastructure abroad as an overall quality of life.
“The pandemic has exposed India’s fragile third-world healthcare infrastructure, especially when a variant of Delta hit the country last year,” said Bhurani. Hospitals were so ill-equipped that even the rich couldn’t afford beds. “This is creating more and more the idea that it would be better to invest in nests in more advanced countries as well.”
According to Sonu Shivdasani, CEO and co-founder of Soneva, a Maldivian chain that owns resorts across the Maldives and Thailand, founded by Sivdasani and his wife in 1995, the two Indian buyers are looking for prices starting at US$4 million. have a lot of interest in housing. -Bedroom Island Villa.
“Soneva is the only company in the Maldives that sells properties to foreign investors,” he said. “Previously, villa owners came from long-haul destinations such as China, the UK, Germany, Switzerland and Scandinavia. Today there is also increased demand from short-haul markets such as India and Thailand.”
Soneva’s projections show that India will not only be the largest market in the Maldives, but will also account for three to four times the size of the nearest market, he added.
Apart from Soneva, the Maldives has also seen moves from other property developers. Tata Housing is working on his two residential projects in Nadi and Odin in Male, following his two luxury projects in Male (Arabia and Gakoshi). Realtors say freeholds are not allowed in the Maldives, so investors use villas for the holidays and then rent them out for the rest of the year at attractive rates. Here, a 100- to 400-square-meter villa typically costs him $1 million to $5 million, and in some places he goes up to $10 million, while delivering good returns to investors, the development said. said the person.
Nita Rall Delhi-based editor and journalist.she tweets at @neeta_com.
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