Investing in India

Australian cricketer Steve Waugh launches Indian property business

Gauri Bhatia | Special to CNBC
Former Australian cricket captain Steve Waugh visits the Steve Waugh Foundation's Flagship project at Udayan to new extension to girls Building on August 6, 2013 in Kolkata, India. Udayan, is a rehabilitation home for children suffering from leprosy in colonies near Barrackpore.
Subhankar Chakraborty | Hindustan Times | Getty Images

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.

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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.

A view of the seaside mansion which was used as the U.S. consulate from 1957, and later renamed Lincoln House, is seen in Mumbai, India, September 14, 2015. Vaccine billionaire Cyrus Poonawalla has bought the former maharaja's mansion in Mumbai from the U.S. government for around 7.5 billion rupees ($113 million), newspapers reported, making it the most expensive ever residential purchase in the country.
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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.