Indian real estate developer Puravankara sees jump in enquiries at Middle East office

BENGALURU: Puravankara has seen enquiries at its Middle East office rise by up to 60% in recent weeks as the real estate developer launches new projects and Indians show renewed interest in investing back home with regional tensions rising, an executive said.

The builder also unveiled plans on Wednesday to launch 30 projects primarily across South India and Mumbai over the next 24 months, with a gross development value of more than 550 billion rupees ($5.85 billion).

The company’s Middle East sales office typically receives 150–200 enquiries per week, but volumes have picked up, led largely by buyers who had deferred purchase decisions months earlier, Managing Director Ashish Puravankara told Reuters.

Dubai has in recent years attracted wealthy Asians with favourable policies, driving a property boom. But some are taking steps to move assets to Singapore and Hong Kong, advisers and lawyers said, as the war clouds the Gulf’s safe-haven image.

Puravankara, though, cautioned against drawing long‑term conclusions, expecting Dubai to “bounce back.”

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“This is an unprecedented situation,” the executive said, adding that people tend to pause decision‑making during wars, and recent events should not be taken as an indication of how Dubai’s real estate market will fare in the long term.

Puravankara also said it “should be able to absorb” a rise in input costs from crude-linked materials such as cement, paints and plastics.