According to Property Observer, Steve Waugh, former Australian cricket captain, and his investment banking friend Dean Honan, former Morgan Stanley vice-president, have announced a new property initiative called, Waugh Global Realty.
The part-owned firm by Waugh, Honan and Indian development tycoon Tarun Mehrota of Puri Constructions aims to sell luxury off-the-plan investment properties to Indian expats living in Australia. The business will sell the property with Puri undertaking the construction.
News of the firm’s launch coincided with Indian Prime Minister Narendra Modi’s tour of Australia, whom Waugh met when Modi was still governor of Gujarat.
"Both Steve and I think that with Prime Minister Narendra Modi now at the helm and opening up the markets and removing the barriers, the sky's the limit for the Indian market,” Dean Honan told Fairfax Media.
Fairfax Media reported a percentage of the profits will go to Waugh's charity projects. Unsurprising news considering Waugh is already heavily involved with Indian charity projects such as Udayan rehabilitation centre for the children of leprosy patients, the Laureus Sport for Good Foundation, the Magic Bus Program, and his own Steve Waugh Foundation.
“I’ve seen the country change over that 30-year period, and quite dramatically over the past 10 years,” Mr Waugh told The Australian, when explaining his decision to branch out into property development in India.
“There’s a young population that’s very aspirational. They’re looking to set up lives for themselves, rather than with the in-laws and they have disposable income now as the wages are going up.’’
According to The Australian, Mr Waugh said the rising middle class of India meant there was a huge shortage of housing and many developers in India were looking to tap the NRI market.
Waugh stated to have learnt this through his involvement with in the Indian property market with Sporting Edge Communities, a group which offers sports and recreation-related town planning advice to Indian property developers.
“I’ve met nearly every property developer in India through that process so I’ve got good networks, good connections.”
Waugh Global Realty will launch early next year.