Steve Waugh targets Indian expats with new property initiative

The former Australian cricket captain Steve Waugh and his investment banking friend Dean Honan, the former Morgan Stanley vice-president, have announced a new property initiative.

Early next year they will launch Waugh Global Realty - part-owned by Waugh, Honan and Indian development tycoon Tarun Mehrota of Puri Constructions - which aims to sell off the plan investment properties to Indian expats living in Australia.

The firm will focus on the luxury end of the market for investors.

A percentage of the profits will go to Waugh's charity projects, Fairfax Media reported.

The business will sell the property with Puri undertaking the construction.

"Both Steve and I think that with Prime Minister Narendra Modi now at the helm and opening up the markets and removing the barriers, the sky's the limit for the Indian market," Fairfax Media was told by Dean Honan.

Waugh is already involved in India through Sporting Edge Communities which offers sports and recreation-related town planning advice to Indian property developers.