AS THEY picked their way through India's dense, overpopulated slums, former Australian cricket captain Steve Waugh and his investment banking friend Dean Honan saw great struggle, but also great opportunity.
India needs houses — desperately.
Waugh and Honan, who both live in Sutherland Shire, are determined to build them.
The two are something of an odd couple. Waugh's face is weather-beaten after long hours in the middle of the oval, while Honan has the slicked-back hair and designer stubble of a financial type.
The partnership started from Honan's "yearning" to go to India, where the former Morgan Stanley vice-president sniffed money to be made.
Waugh, who also does extensive charity work in India, took him to Mumbai's Dharavi slums, "probably the worst slums in the world".
"Along the way we just saw all the property, and it was just a common theme. We thought this was a great sector to be involved in," Waugh said.
When it launches early next year, Waugh Global Realty will be part-owned by Waugh, Honan and Tarun Mehrota, the chief operating officer of New Delhi-based Puri Constructions.
It will sell off-the-plan investment properties, largely apartment complexes in the outer suburbs of India's big cities, to Indian expats living in Australia.
The firm will focus on the luxury end of the market initially, but plans to roll out mid-range options if all goes well.
It is expected buyers will be investors rather than owner-occupiers. A percentage of the profits — the founders wouldn't say how much — will go to Waugh's charity projects.
The firm will sell the houses and find tenants in India, while Puri handles the construction.
"This country just will not say 'no'," said Honan.
Waugh's reputation for integrity will go some way to selling the company's bona fides to risk-averse consumers scared of India's endemic corruption.
"We see that as our point of difference — we only partner up with the most prestigious, the most trusted developers in India," said Waugh.
"Indians are a bit sceptical, and that's probably why they haven't invested in the past. Our point of difference will be service, dealing with quality developers, and ensuring that what we say actually happens."
Waugh is already involved in property development in India through his Sporting Edge Communities business, which offers sports and recreation-related town planning advice to Indian developers. It was through this venture that he first met with Prime Minister Narendra Modi then Chief Minister of Gujarat.
"He was known then as a person who got things done," Waugh said. "He's making it easier to invest and easier to do business."
