Ozonegroup to open office in Dubai

Ozonegroup, a Bangalore-based real estate developer, will soon open its office in Dubai to cater to the needs of the growing non-resident Indians (NRIs)'s aspirations to own a home in their mother land.

Ozonegroup, which focuses on building up market properties in Bangalore and Chennai, said it has generated Rs 500 million (Dh30 million) in sales last year from Indian expatriates based in the UAE, reports emirates247.com.

The company is also looking at setting up offices in other GCC countries to cater to NRIs, the report said.

 
“NRIs make up 25 to 30 per cent of our overall business. Gulf NRIs specifically have always been more inclined towards investing in the realty market back home,” said Ozonegroup Vice-President, Sales and Marketing, Raghavan K R.

“With an approximate 45 per cent of the UAE’s population being Indians, the need to have a local office catering to this segment was vital,” he said.

Indiabulls, one of India’s largest listed property developers, had opened a sales office in Dubai last year.

The value of the rupee has been falling steadily since August 2011, prompting developers from the subcontinent to increase their marketing push overseas with NRIs more inclined to invest in properties than park funds in bank deposits.

According to Raghavan, 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 prefer the comfort and convenience of an apartment.