Dubai-based DAMAC Properties is gearing up to allocate $1 billion towards the development of real estate projects in India. The company anticipates attracting a significant number of Indian investors.
The opening ceremony of DAMAC Towers by Paramount, one of the most noticed projects of DAMAC Properties.
The private developer has officially announced that they will soon unveil the second phase of their ambitious $1 billion project, which includes the development of luxury hotels and serviced residences.
As part of this venture, DAMAC Towers by Paramount is progressing towards completion. This high-end luxury hotel tower finds its place in one of Dubai's most sought-after locations—the Burj Area, which is also home to the Burj Khalifa, the world's tallest tower.
The tower is set to house 540 exclusive Paramount Hotel and Residences units, alongside an additional 1,000 units of DAMAC Maison—Paramount co-branded serviced hotel residences.
Indian investors are expected to invest in the realty projects of DAMAC properties.
This endeavor is a collaboration between DAMAC Properties and Paramount Hotel & Resorts, with presentations made in both Delhi and Mumbai just last week.
According to DAMAC Properties’ managing director, Ziad El Chaar, the project has garnered a positive response from Indian investors, who make up a substantial portion of their clientele. He believes that the strong affinity Indians have for Hollywood films plays to their advantage, as the partnership with a recognized Hollywood brand aims to entice more Indian investors.
This innovative project is widely regarded as an excellent investment opportunity, primarily due to its potential for intrinsic value appreciation. The DAMAC Maison division will be managing the serviced hotel residences, which will include options for 1, 2, and 3 BHK layouts.
These serviced hotel residences are highly favored for their fully-fitted kitchens and an array of services provided, including housekeeping, valet parking, concierge service, in-room beauty treatments, a 24-hour kids club, and more. Additionally, owners will have the flexibility to rent out their residences while they are away, creating an additional income stream.