Indian real estate continues to be the favourite investment option for most NRIs. As many as 78% NRI respondents prefer real estate over other asset classes
ANAROCK Property Consultants today announced that sales & marketing veteran Shajai Jacob, previously Executive Director & Head – Marketing (West Asia) at international property consultancy JLL India, has been appointed as Chief Executive Officer – GCC (Middle East). He will be based out of ANAROCK’s Dubai office and will have complete oversight of the Firm’s brokerage operations across the Middle East & North African countries.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “We are excited to have Shajai on board to spearhead our rapidly growing Middle Eastern business. Shajai is perfectly aligned with our vision of becoming the most preferred, one-stop, technology-powered residential real estate services firm in the GCC region. He will expand our presence beyond our existing Dubai operations with 4 new offices in Oman, Bahrain, Saudi Arabia and Kuwait over the next 3 quarters. Having worked closely with him for nearly a decade, I have complete confidence in Shajai’s ability to implement our ambitious plans for the Middle East”.
ANAROCK has successfully tapped into the massive cross-border NRI interest from the Gulf countries for Indian real estate. As per ANAROCK’s recent Consumer Sentiment Outlook survey, Indian real estate continues to be the favourite investment option for most NRIs. As many as 78% NRI respondents prefer real estate over other asset classes thanks to India’s rebooted regulatory environment and the evergreen desire to own properties in their home country.
NRIs account for approx. 30% of the total sales in housing projects by the most reputed Indian developers. Adding impetus to the demand from NRIs in the recent months is the slide in rupee exchange value, which translates into a corresponding drop in property prices. Another factor sweetening purchase deals is the ability for NRI investors to cherry-pick hard bargains within the current sluggishness in India’s residential sector.
“I am delighted to join Indian real estate’s dream team under Anuj Puri and other leading industry stalwarts,” says Shajai Jacob. “Growing ANAROCK’s operations in the Middle East for both Indian and international properties is an exciting opportunity. While Dubai itself contributes 60% of the overall sales of Indian properties across the GCC region, this is only the tip of the iceberg. There is limitless untapped potential for an organized and professional, technology-driven residential real estate firm like ANAROCK. The GCC region will be a major focus area for the Firm in terms of business growth going forward. We are adopting a 50:50 approach of business focus aligned to India as well as the key Middle Eastern countries.”
Shajai’s 18+ years of rich experience in building brands and widening the visibility and scope for leading businesses will come into full play in his new role. He brings to the table his deep expertise across national and international markets. In the past, he worked with major firms such as Hindustan Unilever, YES BANK, United Spirits, Kingfisher Airlines and Barista. He holds a Master degree in Business Administration.
[This is an authored article by Anuj Puri, Chairman – ANAROCK Property Consultants . All views, opinions and expressions are personal and limited to the author.]