News: Mumbai developer making it big in Dubai

(DNA 08/12/2006) Dubai - For leading Mumbai developer Dheeraj Wadhawan, Dubai is the gateway to the world. After his initial investments in the booming real estate in the city struck pay dirt, he is now gearing up for a massive expansion here, to be followed by the United Kingdom.

Wadhawan family name is well-known in the housing and finance industry in India, he being a key shareholder of Dewan Housing Finance Corporation.

As he branched out to the UAE, his real estate projects in Dubai have so far met with instant success.

Dheeraj Group has joined hands with UAE-based East Coast Contracting & Trading to form DEC Dubai, which is now in an expansion mode. DEC has now announced 16 projects to be developed at a cost of $1 billion.

DEC’s first project in Dubai was the $6.5 million DEC Towers, in Emaar’s upmarket Dubai Marina, a twin-tower 21 and 25-storey residential development. Since then, the company has acquired plots and is at various stages of development of projects in Business Bay, Jumeirah South Village and Culture Village. He aims to cash in on the unprecedented realty boom in UAE, driven by the growth in Dubai.

The Indian developer made its first overseas foray in Dubai at the right time.

Jay Bahirwani, marketing manager, DEC says the projects received good response at the just concluded three-day international property investment and development event at the Dubai World Trade Centre.

“We have a lot of Indian customers. In fact, Indians constitute 30% of our customers for our Dubai properties,” Bahirwani said. “Our highest-priced properties in Dubai Marina cost up to Dh 7 million (Rs 8.4 crore) and we have Indians buying up that too,” said Bahirwani.

The company is now all set to launch a new residential project, Marina Wharf II, replicating the success of its earlier Dh 250 million (Rs 3,000 million) Marina Wharf I, which has been sold out. The Dubai JV, set up in July 2005, has a whopping 4.5 million sq ft area currently under development.

As part of its aggressive expansion plans, DEC is also making a debut in the UK realty market. The company has already opened an office in Ealing, London, its second overseas outfit.

“We believe that Dubai continues to offer strong growth prospects in both residential and commercial freehold sectors,” according to Wadhawan.

Gulf play

Indians comprise 30% of DEC’s customers for Dubai properties. Its first project in Dubai was the $6.5m DEC Towers in Emaar’s upmarket Dubai Marina. The Dubai JV, set up in July 2005, has 4.5 m sq ft area currently under development