Steve Waugh launches property platform for NRIs

Former Australia cricket captain Steve Waugh has announced the launch an online real estate platform for non-resident Indians, with himself as founder and chairman. Waugh has partnered with his investment banker friend Dean Honan for the venture.

The venture, called Waughglobal.com, will also offer online courses for brokers and agents.

The minimum ticket size for listings on the site will be $50,000 (about Rs33 lakh).

''There is traction in the online space with companies focusing on consumers with listings. We introduced this portal as the Indian diaspora across the globe is on the rise. There is also a latent demand from buyers. Our aim is to focus on the NRI investment experience through the online medium,'' Waugh said.

Players in the online real estate space have been seeing a surge not just in listings but also actual transactions.

Recently, Snapdeal sold a Rs1.1-crore home through its platform. Others like Housing.com and Newscorp-backed Proptiger have been investing heavily to technology and increasing revenue.

The company has already partnered top developers like Lodha, Godrej, Shapoorji Pallonji, Brigade among others to list their properties to global buyers.

''We are also looking to offer ancillary services such as bank finance, property management and other required assistance for these high networth clients,'' said Honan, adding that the revenue will be largely through transactions from sale of flats.

Waugh is currently involved in property development in India through his Sporting Edge Communities business. The company offers sports and recreation-related town planning advice to Indian developers.

Asked if the company will extend its services to high net worth Indians wanting to invest in international destinations, Waugh said that there is an opportunity and it may consider it.