DUBAI: The boom in India’s real estate sector may have a rub-off effect on global players. For Dubai-based real estate major Emaar Properties, with revenues of $3.8 billion in 2006, India is a key international market that would account for 20-25% of its global revenues by 2010. Currently, almost 80% of Emaar’s revenues come from projects in the Dubai market.

However, by 2010 the group expects the share of its international projects in its top line to be around 70%, with the Dubai market accounting for the remaining. Apart from markets in United Arab Emirates, Emaar Properties has presence in more than a dozen countries including United States, United Kingdom, Saudi Arabia, Syria, Jordon, Turkey, Lebanon, Egypt, Indonesia, Singapore, and Canada.

“India is a very important market in our international operations which is likely to account for up to 25% of our global revenues by 2010,” said Emaar Properties CFO Amit Jain.

The Middle East-based real estate giant, as part of its plans to replicate the model of large-scale development of master-planned communities involving commercial, residential, retail and hospitality projects in markets across the globe, has earmarked investments to the tune of $12 billion over the next five years in India.

On the drawing board are setting up the country’s largest shopping mall complex and the tallest building, senior company executives said. Emaar is present in India through a joint venture with Delhi-based MGF Group.

“Several model projects are in the offing in India over the next six months,” said Shravan Gupta, managing director, Emaar MGF India. Emaar MGF has also qualified for development of the Commonwealth Village in Delhi that would house over 8,000 athletes and officials in 5,000 dwelling units.

Plans are also in the offing to replicate Emaar’s flagship project Burj Dubai in India, though on a much smaller scale. The ongoing $20 billion-Burj Dubai project, spread over one-square kilometer in downtown Dubai, includes the world’s tallest building, 30,000 residential units, nine hotels with 2,000 rooms and over 5 million square feet of shopping space in The Dubai Mall.

Emaar executives claimed that by August this year, Burj Dubai is expected to replace the 509-meter tall Taipei 101 tower in Taiwan, as the world’s tallest building. Burj Dubai has already bagged the second tallest building in the world tag with 134 floors and adding one floor in three days - with a height of 484 meters, overtaking the likes of Sears Tower, The Petronas Twin Tower, and the Empire State Building.

Mr Gupta said currently only Delhi and Mumbai markets have the potential to support the development of such tall buildings, with well-defined residential, commercial, hospitality and retail spaces. “We are looking at Burj-like developments in India but on smaller scale as compared to the Dubai property,” he added.

The India story for Emaar does not end with its investments in India. Over 40% of buyers for Emaar’s properties in Dubai are from the Indian subcontinent. “This more or less is in line with the demographic profile of Dubai,” said Mr Jain. There has been a growing interest from NRIs and high net worth individuals from India in Dubai’s housing market, he conceded.

Talking to ET, Mr Jain said the proposed initial public offer of Emaar MGF next year would largely fund the development of the ongoing projects in the country. “While this gives us access to cheap capital for development of projects, it would also help to bring more discipline in the local operations,” he added.

As per Emaar’s global strategy, it plans to take the IPO route in all countries in which it has presence. Emaar Properties is already listed in Dubai’s financial market and is part of the Dow Jones Arabia Titans Index.