DUBAI: What could be the possible link between India’s love for movies and a luxury residential tower in Dubai? Apparently it is a significant one, if a property developer here is to be believed.

Encouraged by the “sellout” response to the invite-only first phase launch of its DAMAC Towers by Paramount, DAMAC Properties is now targeting the country for its $1 billion hotel and serviced residences project in the city’s famed square overlooking the world’s tallest tower, Burj Khalifa. In the words of DAMAC’s managing director, Ziad El Chaar, the project will bring Hollywood glamour and refined style to a luxury project.

But why are Indians the target? “Obviously there is a huge love of film in India. Over the past one hundred years, Paramount brought us iconic movies such as Breakfast at Tiffany’s, Titanic, Forest Gump and The Godfather trilogy. These movies resonated around the world and buyers in India are clearly excited by a world first project to incorporate the ambience from these movies in a luxury living concept,” says El Chaar. If you are not totally convinced, here’s more.

According to El Chaar, the majority of Indian buyers in the first phase of the project were from Mumbai and New Delhi and at current price levels, the property sector in Dubai is far more attractive, tax-free investment, than high-end projects in these two Indian cities. “Also, Dubai is only three hour flight from Mumbai and Delhi, which is a great value proposition for Indian homebuyers in Dubai,” he says.

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