India’s real estate reaches out to NRIs, Ozonegroup opens office in Dubai (AE)

Indian real estate developers Ozonegroup announced their plans to open a representative office in Dubai soon, according to the an official statement released by the group on December 4, 2013.

The increasing demand from UAE and Gulf based NRIs (Non-Residential

 Indians) for the Ozone brand projects in India will be catered to

 via the presence of Ozonegroup’s local office, making it convenient for the NRI customers to meet and discuss with the company officials. Ozonegroup

 will also be looking at creating regional footprints through setting up offices in other GCC countries.

According to Raghavan K R, Ozonegroup's VP- Sales and Marketing, the group generated business worth nearly Rs 50 crore (approx. US $8172806.

78) only from

 UAE based Indian community which has shown great interest in our project Ozone Urbana In Bangalore and The Metrozone in Chennai. "NRIs make up for 25-30% of our overall business. Gulf NRIs specifically have always been more inclined towards investing in realty market back home. With an approximate 45% of the UAE’s population being Indians, the need to have a local office catering to this segment was vital,” he added.

Speaking about buying trends, Raghavan said, “Villaments and Retirement homes are new emerging trends in the Garden City, and are becoming quite popular within the NRI as well as domestic market. A villament

 is a concept where an apartment ends and a villa begins

. It's a very apt option for those who want the luxury of a villa and yet prefer the comfort and convenience of an apartment. It gives you the privacy, space, and greenery of a villa; at the same time provides the vivacity, security and the price of a high end apartment, thus offering more space and more ownership in the land compared to apartments. The joint family system is slowly coming down in the cities, and the practicality of retirement homes is gaining popularity. The community living provides physical, medical and emotional care, retains the individuality and independence of the senior community and can be an answer to anyone looking for freedom and companionship in their old age.”

The Metrozone, Chennai The Metrozone, Chennai

On the significance of cities like Bangalore and Chennai for returning NRIs,
the official statement mentioned, “Bangalore is a very popular destination for property investments for NRIs
across the globe. It enjoys the status of being an A1 city, and offers a superb lifestyle with modern international conveniences. Known as the Silicon Valley of India it has a long established, highly developed and flourishing IT industry. Bangalore is also known for its Aeronautical and Technological prowess. The city boasts talented resources, good educational institutions, world class health care facilities, modern amusement & entertainment facilities and a large English speaking population. The climate is also cool for most of the year, which is also another attraction for NRIs.

As far as Chennai in Tamil Nadu goes, it is the biggest commercial & economic hub, and the largest cultural, educational and industrial center in South India. NRIs from Chennai contribute to a very high percentage of the population abroad. A modern yet traditional urban metropolis, Chennai always beckons back its people who live overseas. Returning NRIs seek homes that are akin to international quality and design that they have been used to abroad."

Source: Ozonegroup

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