While there is little cheer for property investors in India at the moment, one person has gone against the tide, jumping into the fray with the launch of a website that will provide information and assistance to non-resident Indians (NRIs) looking to buy a premium property back home.
The surprise is that that person is former Australian cricket captain, Steve Waugh, who launched Waughglobal.com, a property platform, in September.
And what made the Aussie batsman take this unusual decision? According to his website, "On a hot, humid day in 2014, Steve looked out over the Mumbai skyline and made a commitment to himself that he wanted to play a shaping role in India's growth story over the next 10 years."
Waughglobal.com has tied up with many of India's top builders in several Indian cities including Mumbai, Delhi and Bangalore, to showcase their properties to overseas buyers. The website also offers rental and property management services.
According to Indian newspaper reports, Waugh has in his sights the 22 million-plus NRIs living worldwide, who have a combined $360 billion in investible assets. The company plans to conclude deals worth $600 million to $700 million by December 2016, according to reports.