Indian IT success stories
have impressed one and all and many like Dubai-based Gowealthy.com
CEO, Peter Penhall, who feels the ongoing IT boom is going to
fuel the Indian real estate market and will attract a lot of non
residents Indians (NRIs) to India.
Peter Penhall, who was in
India on a business trip, was all mesmerized by the Indian IT
industry. His firm is into real estate and online property brokerage
portals. He said that he saw similar markets mechanism fuelling
the real estate boom in India and Dubai.
Talking about hurdles in
purchasing properties in Middle-East, he said, it’s tough for
a non-Islamic person to purchase a property there. However, Sharjah’s
rental laws allow freehold areas and plots on a 99-year lease
while in Dubai one can only do the improvement work on the structure
like buildings.
Witnessing the growth in
Dubai and the flow foreign investment into Dubai due to its easy
property laws many other Islamic nations like Oman, Qatar and
Saudi have started to give a second thought to their land and
property ownership laws.
Despite the various problems
of Middle-East, Penhall is still optimistic that major players
who are into real estate business have no option but to look for
new ventures or new places.
He proves his logic by citing
the example of US, he feels US residential real estate market
has reached a saturation point and now there is no other choice
for them except to move out and scout for new vistas and venues.
