Mauritius, Malaysia market beachfront villas for Indians

NEW DELHI: With the Mauritius government providing ‘permanent residency’ facility to those investing $500,000 in resorts, nearly 30 Indians are looking at investment opportunities at the resort villas being developed by Four Seasons at Anahita. Since a number of persons of Indian origin have invested in the first phase of the premium project, the current phase of 39 villas is being marketed in India among high net worth individuals.

The proposed investment in Anahita beachfront villas is upwards of around $1.7m, according to Sherri Motazed, director of sales at Playground Real Estate Sales, which is marketing the project. The Four Seasons project at Anahita is a joint development of Ciel Investment and Kingdom Hotel Investment. “Bookings officially open on December 6 and we already have feedback of growing demand,” Ms Motazed said.

In the first phase of the Anahita resort project, 70 waterfront residential properties were sold in six hours on the first day of booking. Out of the 39 properties being sold now, 10 are on ‘freehold’ ownership. The Mauritius government allows sale on ‘freehold’ basis if the investment is beyond $500,000.

India is being seen as a promising market for Mauritius real estate in view of the strong bonds between the two countries. The Mauritius government is also considering open-ended work permits and liberal visas for Indian professionals.

The two countries have already inked a comprehensive economic co-operation agreement (CECA) which is being implemented soon. Incidentally, Malaysia is also wooing Indians to invest in real estate under the ‘Malaysia: My Second Home’ project. The Malaysian package also offers residency facility — in a limited way — and liberal visa facilities for education and business.

Since property prices in metros like Mumbai and Delhi has anyway zoomed in the past couple of years, it is felt that the minimum investment level in countries like Mauritius and Malaysia may not be a hindrance for high net worth individuals, especially in view of the ‘residency’ benefits that allow long-term stay, education and business in these countries.