Banking on Thailand's visa-free entry to Indians, which comes as a major boost to both business and bilateral ties, Thai property developer MQDC showcases its luxury Bangkok residences in India with a particular focus on the Indian HNI visitors segment to make it a 'destination for long-term staying.'

Thailand-based property developers Magnolia Quality Development Corporation Limited (MQDC) recently showcased its Bangkok properties in India, eyeing to attract the Indian high-net-worth investors (HNI) segment.

In a press conference held recently in New Delhi, MQDC says that the luxury properties are curated to suit high net-worth investors (HNIs) amid the “third home” trend.

Upbeat about the Indian market visitors, Patrat Hongthong, Ambassador of Thailand to India, says that Thailand is one of the top choices for Indian visitors and that the Thai government is undertaking substantial initiatives to make the country more suitable for long-term visitors. “This is a great initiative by MQDC to come to India with this project to attract Indian visitors to come to Thailand. Initiatives such as this are not only beneficial for business, but also cater to building strong people-to-people ties between our two nations. Thailand has always been one of the top choices for Indians as a holiday destination. As covid subsides, there is now an amusing interest for Indians to visit Thailand. We expect the number of visiting tourists from India this year to be over 1.6 million. So, we are now seeing tourists staying in Thailand for a longer time on each visit. Seeing the size of tourists coming for a longer vacation in Thailand, the government of Thailand has embarked on a mission to make Thailand an area for a long stay, be it the long-term resident visa or the LTR for 10 years for those who would like to stay in Thailand longer. We also built a lot of infrastructure to connect these provinces domestically and also internationally and also we are tackling the environmental issues for better living and preserving our top tourist attraction sites and also the medical unit to make our country even better as a second home for some foreigners, including Indians,” said Hongthong.

Notably, Thailand is looking to attract more HNIs, digital nomads and retirees and is undertaking ‘Sustainnovation,’ which is a mix of sustainability and innovation, to boost its economy. The Thailand government had last year implemented a new visa programme Long-Term Resident Visa for Thailand (LTR), that allows foreigners to stay up to 10 years and avail several key benefits. This move was followed up with Thailand lifting visa necessities for Indian visitors for as long as 30 days. This visa-free access for Indian passport holders has been relevant from November 10 and will remain in effect till May 10, 2024.

“As a group, we have a 40-year plan and India has always been a big part of the plan. Next year, we are going to come back to Tier I cities like Mumbai, Bangalore and Delhi for further promotions,” Wilawan Brenig, Vice President of International Market Development MQDC, told India Outbound.

“MQDC has a unique offering within Bangkok’s property market that we are thrilled to be presenting to India’s high-end homebuyers. Bangkok has a special appeal for high-net-worth investors. Working to exacting standards for a discerning global market, MQDC can offer the style and impact that Indian buyers seek in a prestige ‘third home’ reflecting their status and achievement,” said Brenig, Vice President of International Market Development.

MQDC added that its residences to be highlighted in Delhi include homes at The Forestias, an upcoming green neighborhood achieved with global expertise such as Foster + Partners, including “Whizdom” residences for new-gen living, “Mulberry Grove” condominiums and villas for multigenerational families and “The Forestias Signature Series.”

MQDC aims to serve upscale Indian buyers amid a trend for successful business people and professionals to build a portfolio of properties including a “third home”, beyond their family and vacation properties, the company said in its press statement.

“As a sophisticated mixed-use developer, having led Thailand’s property sector for 30 years, MQDC can also exceed the market in annual yields. MQDC properties average about 5-7 pc in annual yield, with annual capital gain of around 3 pc and rental return of about 5 pc. The company is now opening its second Whizdom Club in India at Gurugram, connecting with India’s dynamic startup community. Thailand in 2023 targets 2 million Indian tourists, increasingly central to the country’s tourism industry. The country also has tremendous untapped potential for Indian expats,” added Brenig.