Demonetization pushes Indian investors to look at Dubai properties by PNC Menon, Founder & Chairman, Sobha Group



India 16 November 2016: Mr. Narendra Modi, PM of India recently announced the demonetization of existing notes of Rs 500 and Rs 1000 in India effective Nov 9, 2016. This move will prompt people to shift to electronic transactions and the use of plastic money will increase. The impact on the economy will be significant as a large part of the black economy would become part of the Indian economy. This is certain to reflect in next year’s GDP figures. The attack on black money through demonetization is also expected to boost government revenues in a significant way. With a large part of unaccounted cash coming into the system, a lot more money will become accountable and taxable than was the case earlier.


  As such, we expect a surge in Indian investments in Dubai property as a result of the recent shift.
Now that the money is legal & cleansed, people are looking at various new avenues to recover some of their losses and R.O.I that is tax free is very attractive for obvious reasons

Dubai is now a very sought out destination to invest in Tax-free property with solid returns for Investors and also for end users who are looking at a second Home

Our flagship project, Sobha Hartland, is expected to provide the profit that end users and investor seek. In fact, a two bedroom apartment is estimated to yield more than 2.3 lakhs of tax-free rental income every month plus the annual advantage of 20-30% capital appreciation. Construction is already underway on this prime property - located on the recently launched Dubai Water Canal - with the first phase of apartments and villas expected to be completed by December 2017 and 2018 respectively.
We are getting lots of enquiries suddenly from India.

Under RBIs Liberated Remittance Scheme, a couple can transfer 3.4 crores legally per year which can BUY them of a 2-bedroom apartment in Sobha Hartland. There are several payment plans also available when opting for bigger apartments and villas. The Foreign Exchange Management Act (FEMA) came into effect on 1st of June, 2000, replacing the Foreign Exchange Regulation Act (FERA). The intentions of the FEMA are to revise and unite laws that relate to transactions of foreign exchange and encourage an orderly maintenance and development, of the foreign exchange markets in India.

Investors will benefit from Dubai being considered the most sustainable city in the region and a safe haven in terms of real estate investments. With prime properties developed in Dubai by Sobha, it has earned recognition for great quality as the number one brand in India (source: Track2Realty Brand X Report 2015-2016) and one of the top real estate companies in the Arab world (source: Forbes Middle East). That’s because we are the only backward integrated company in the world – we do everything from start to finish ourselves.

The Sobha Hartland project was launched in 2014, which is a $4 billion dollar, mixed-use development. The resort-style luxury housing project encompasses 8 million square feet of freehold community in Mohamed bin Rashid Al Maktoum City. 30% (2.4 million square feet) of the community is only reserved for greenery. It is the only freehold community located on the Dubai Water Canal in the epicentre of Dubai with an easy access to the city’s hottest attractions like the Burj Khalifa, Meydan racecourse, Ras Al Khor Wildlife sanctuary and many more within a 3 km radius.

Sobha Hartland encompasses a limited collection of ultra-contemporary villas, townhouses, modern mid & high-rise apartments, a clubhouse, two international schools, three boutique hotels, premium restaurants, retail outlets, spas, community mall and leisure activities. The development offers a range of luxury products catering to both individuals and families alike looking for ideal homes in Dubai. The development has commenced with the launch of Hartland Greens, Hartland Townhouses and Hartland Estates.

With a legacy and track record of over 40 years, Sobha Group’s vision is to be the most trusted and respected real estate organization in the GCC and to continue to transform the way people perceive quality by pioneering innovative projects and exceeding customers’ expectations across core markets.


Demonetization pushes Indian investors to look at Dubai properties by PNC Menon, Founder & Chairman, Sobha Group

About Sobha Group


Sobha Group is a multinational, multiproduct group with developments and investments in U.A.E., Sultanate of Oman, Qatar, Bahrain, Brunei and India. Established in 1976 by a first generation Indian entrepreneur, PNC Menon as an interior decoration firm under the name of Services and Trade Company in Muscat, Oman, the group has grown into one of the most respected names in all the countries in which it has established businesses. The organisation is one of the fastest growing and foremost backward integrated real estate organisations in the region. It means that the company has all the key competencies and in-house resources to deliver a project from conceptualization to completion. Sobha is primarily focused on residential and contractual projects. The Company’s residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes. The company is currently developing Sobha Hartland, a mixed-used development in the centre of Dubai. For further information on Sobha Group, please visit www.sobha.com