Ex-Australian cricket captain, Steve Waugh, plans to open his Waugh Global Realty agency next year, which will focus on selling high-end apartment projects in Indian city suburbs to Indian expat uvestors in Australia
Former Australian cricket star Steve Waugh is hoping to bowl over Indian expats with off-plan investment properties and is launching his own real estate agency.
The cricketing legend , plans launching the Waugh Global Realty agency next year, which will be part-owned by investment banking partner, Dean Honan, a former Morgan Stanley Vice President, and Tarun Mehrota, Chief Operating Officer of Indian developer Puri Constructions.
It aims to mostly sell apartment complexes in the outer suburbs of India’s big cities to Indian expats in Australia, the Sydney Morning Herald reports.
Steve Waugh, who captained the Australian Test cricket team from 1999-2004 and was the most capped Test cricket player ever with 168 appearances, saw an opportunity when seeing India’s dense, overpopulated slums.
Through his charity work in India, he took Mr Honan to Mumbai’s Dharavi slums, which he describes as the worst in the world. “Along the way we just saw all the property, and it was just a common theme, we thought this was a great sector to be involved in.”
Waugh Global Realty aims to focus on the luxury end of the market initially and then possibly extend into the mid-market. Part of the profits will go Mr Waugh’s charity works, some of which support causes in India.
The firm will sell the houses and find tenants in India and Puri Construction will take care of development. Buyers are more likely to be investors than owner-occupiers.
Dean Honan says, “With 13 per cent interest rates and 15 per cent inflation, the property market just continued from strength to strength. Both Steve and I think that with Prime Minister Narendra Modi now at the helm and opening up the markets and removing the barriers, I think the sky’s the limit for the Indian market.”
Steve Waugh built up a reputation for integrity through the way he played cricket and he intends to extend that into his new venture, partnering with the most trusted developers in India.
“Indians are a bit sceptical, and that’s probably why they haven’t invested in the past, so our point of difference will be service, dealing with quality developers, and ensuring that what we say actually happens.”
Steve Waugh is already involved in property development in India through his Sporting Edge Communities business, which offers sports and recreation-related town planning advice to Indian developers.
Sporting Edge offers an integrated end-to-end solution to real estate developers, working from conceptualisation through to the implementation phase and on-going management.
He says, “My belief in India and its people has encouraged me to become involved in creating a community concept that enables people to be the best they can be. I am very proud to be involved in bringing the Sporting Edge Concept to the people of India.”
By Adrian Bishop, Editor, OPP Connect