India’s cash games may hit Dubai property sales

ncs_modified20161210160726maxw640imageversiondefaultar-161219935Dubai property developers planning a sales offensive in India have suffered a setback as investors from the country reassess plans in the wake of demonetisation.

It follows a move by the government to remove large denomination notes in a bid to tackle the black economy.

That cast a cloud over the Dubai Property Show in Mumbai this weekend, as developers expressed their concerns about the impact on Indian investor sentiment.

 “I think the demonetisation exercise definitely has put other priorities for people to address, so their investment decision-making may have slowed down because they have this matter to deal with,” said Sanjay Manchanda, the chief executive of Nakheel, exhibiting at the three day show, which began on Friday.

 

Nakheel was focusing on promoting its twin-tower Palm 360 luxury hotel and residential project on the Palm Jumeirah, where homes are expected to be priced at up to US$5 million when they go on sale next year.

Indian investors account for about 11 per cent of Nakheel customers. They have bought property from the Palm islands developer estimated to be worth $2 billion.

 

Mr Manchanda said it would be “naive” to think demonetisation would not have an impact on business that would be generated at the exhibition

 

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