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Rak Properties, a real-estate company promoted by the government of Ras Al Khaimah, UAE, is eyeing Indian consumers for its $3.7 billion luxury waterfront residential project named Mina Al Arab.
According to Rak Properties, Indians account for 20 per cent of its residential project sales. It is this growing interest of Indians in the overseas real estate market that the company is aiming to leverage with road shows in top metroes.
Ralph Chkaibane, director of sales at Rak Properties said, “India is one of the top five markets for us, among others that include Russia, Europe and GCC countries. Close to 4.5 million Indians reside in UAE, however, we are not only targeting the Indian residents in UAE but also the increasing number of high net worth individuals based in India.”
According to the company, several Indian companies such as Dabur, Ashok Leyland and JBF among others have set up operations in Ras Al Khaimah, which is further fuelling the interest of Indians in the real estate market of UAE.
Rak Properties has tied up with HSBC and Bank of Baroda to provide financing options to Indian consumers. Mina Al Arab will offer villas ranging Rs 5 to 6 crore, while town houses are priced upwards of Rs 2.75 crore.
The project comprises over 1,000 units of villas, townhouses and apartments. Occupying an area of 44 million sq ft the project will be fully ready by 2013. As of now, only 93 units have been handed over to the customers. Mina Al Arab will also boast of eight international hotels and theme parks besides numerous recreational facilities such as spas and sporting activities.
Rak Properties is also coming up with two more residential cum commercial projects in the region, named Julfar Towers and Rak Towers. These two projects have also registered about 20 per cent bookings by Indians.
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