Ozonegroup, a leading Indian real estate developer, is set to open a representative office in Dubai.

The move follows increasing demand from the UAE and Gulf-based non-resident Indians (NRIs) for the Ozone brand projects in India, said the company in a statement.

The group will also look at creating regional footprints through setting up offices in other GCC countries in future, it stated.

Raghavan KR, vice president sales and marketing, said: “Bangalore is a very popular destination for property investments for NRIs across the globe.  Known as the Silicon Valley of India it has a developed IT industry and is also known for its aeronautical and technological expertise.”

“Chennai in Tamil Nadu is a major commercial and economical hub, and a cultural, educational and industrial centre in South India. NRIs from the city contribute to a very high percentage of the population abroad," he said.

NRIs make up for 25-30 per cent of the company’s overall business, with those from the Gulf specifically being more inclined towards investing in realty market back home, according to Raghavan.

Last year we generated business worth nearly Rs50 crore ($8.2 million) only from UAE-based Indian community which has shown great interest in our project Ozone Urbana in Bangalore and The Metrozone in Chennai,” said Raghavan.

“Villaments and retirement homes are new emerging trends in Bangalore, and are becoming quite popular within the NRI as well as domestic market," said the official.

“The joint family system is slowly coming down in the cities, and the practicality of retirement homes is gaining popularity. The community living provides physical, medical and emotional care, retains the individuality and independence of the senior community,” he added. - TradeArabia News Service