Indian investor eyes huge Saudi housing market

An Indian businessman, who has implemented a number of housing projects in Kerala, said he was ready to invest in the Kingdom's booming real estate market if he finds Saudi regulations favorable for such a venture. "We have learned that the Saudi real estate and housing market is a promising one. We'll conduct a detailed study on the market on the basis of existing regulations," said T.C. Ahmed, chairman and managing director of TC-One Properties and Projects, based in Kozhikode. Speaking to Arab News, he commended the Saudi government's plan to invest SR250 billion to build 500,000 homes for its nationals. "We are ready to offer our expertise and services to implement this huge project, if we get a chance," Ahmed said. Ahmed's company has embarked on an impressive "Skywalk" real estate project along the Thondayad bypass road near Kozhikode, offering a new investment opportunity for Indian expatriates in the Gulf. He described Skywalk as first of its kind project in the entire North Kerala, with a rooftop skywalk facility surrounded by gardens and party areas with barbeque pits. It will have a business center, a convenience store, an electronic security system, a jogging track, a playschool, a mini theater, swimming pools, Spa for men and women, yoga and meditation room, and a multilayer parking facility. As a result of skyrocketing inflation in India, Ahmed said prices of building materials such as cement and steel have gone up by 30 to 50 percent. "Some builders have increased housing unit prices by 15 percent, and I am sure the prices would go up further." He had earlier constructed a 10-storied building on Mavoor Road with the support of NRK investors from Kuwait, which according to him was completed in two years. That building is now rented out to Kalyan Silk. "The specialty of Skywalk is that it is being constructed on our own two-acre land. It is coming up on a strategic location where a lot of new investments are taking place. There are two cyber parks and two multi-specialty hospitals," Ahmed said. The 1 billion-rupee Skywalk project consists of two towers of apartments and a commercial block with 35 public amenities. "Our aim is to provide international facilities. There are three guest suites. All families and tenants can use these suites and rooftop facilities," he said, adding that most investors in the project are expatriates. Ahmed referred to a new trend among Indian executives and middle class people to invest in apartments rather than land or stocks or gold because of the unpredictable global market situation. "They prefer apartments, especially in major cities, because of the high value of land, and rising prices of construction and building materials," he added. from arab news.