Gemini Property Developers, at a successful conclusion of Dubai Property Show Mumbai by Dubai Land Department, has planned the expansion of its marketing activities in India.
High pan Indian visitor turnout at Gemini showed demand of Dubai properties in India, the company said.
Gemini showcased its two luxury projects – completed Splendor at MBR City Dubai and upcoming Symphony at Business Bay Dubai.
A number of UAE developers participated at the annual Dubai Property Show that is aimed at tapping into the Indian investors, who have invested $22.75bn (AED83.5bn) in the last five years. Indian nationals are the largest foreign investors in Dubai’s real estate market – also dominated by Indian-owned developers.
The Indian edition of the Dubai Property Show Mumbai held from 7 to 9 December was attended by senior officials from Dubai Land Department, UAE Ambassador to India, UAE Consul General in Mumbai, along with local dignitaries, top management of Gemini Property Developers, and a large number of visitors across states of India, mainly Mumbai, Hyderabad, Gujarat, Bengaluru and Goa.
Sunil Gomes, chief executive officer of Gemini Property Developers, referring to a Credit Suisse report said: “New generation of wealthy middle class Indians are looking for tax efficient investments in Dubai. This wealth is dominated by property and real estate assets. We had a highly positive interaction with some of the potential investors and buyers, which reinforces our analysis that there are also opportunities in India.”
“We see Mumbai, the financial capital of India, as a vehicle for real estate entrance to the large Indian market through a co-partnership or joint venture with a local partner. This investor base will be offered properties in Dubai as well. Mumbai is currently home to about 41,200 millionaires, while Delhi has about half of that number at 20,600. Over the last 15 years, both have seen over 300 per cent rise in the number of millionaires,” he said
Gemini have already started handing over its AED300m worth of maiden Splendor residential project with the first residents already moved-in. The G+8-storey Splendor building spans over 320,000 square feet, which includes 134 residential units comprising spacious one, two and three-bedroom apartments, penthouses and townhouses equipped with state-of-the-art home automation technologies and amenities.
Besides the completed Splendor project, Gemini Property Developers showcased upcoming landmark G+29-storey Symphony residential project, the high-end building at Dubai’s Business Bay area, in close proximity to iconic Burj Khalifa, the Dubai Mall, the Dancing Fountain and host of other tourist attractions.
Symphony’s ground-breaking has already been completed and marks the beginning of the construction of the project that is estimated for completion before the historic Expo 2020, which begins in 20 October 2020.