Returning to a place that has played a formative role in one’s life can be a great opportunity to look back at the past and contemplate the future, at the same time. My recent visit to Mumbai, as a participant at the Dubai Property Show, was exactly such an occasion that gave me unique perspective and inspiration.
I recently had the opportunity to be part of the Dubai Property Show, at the Bandra Kurla complex in Mumbai. As part of our commitment to work closely with the local administration in Dubai, Gemini Property Developers was Gold Sponsor. Organized by the Dubai Land Department, the event proved to be a remarkably successful initiative, bringing together the Dubai real estate industry and investors from across the length and breadth of India.
I am always excited to be back in the city where the seeds of my entrepreneurship were first sown. I spent several of the most influential and formative years of my life in Mumbai and the city’s unique energy is always a source of inspiration for me. This particular visit was an especially interesting experience, because it brought my journey into focus at many different levels.
The two cities, Dubai and Mumbai, share several common characteristics. They are both recognized as the commercial capitals of their country. They both have an optimistic outlook that engages the rest of world – a characteristic trait that I have found to be common to several coastal cities. Both these cities are comfortable in their skin and proud of their roots but able to engage people from all across the world with open arms. They are, coincidentally, also cities that have both earned the title of ‘the city that never sleeps’. At a more personal level, both Mumbai and Dubai have played an integral part in shaping my life and driving my journey as an entrepreneur. The coming together of energies was especially evident at the Dubai Property Show. I can truly say that the tremendous enthusiasm that me and my colleagues came away with, from the event, has given us new ambitions and a renewed focus.
In all honesty, I wouldn’t say that the hugely positive interactions that we experienced at the Dubai Property Show were entirely a surprise. The two cities share a long history of very robust engagement. I’m told that traders and entrepreneurs have made the journey between the two ports since they have existed. While both cities are relatively young, commercial ties between individuals and communities from the two general areas have a very long history going back several centuries. Investors from India and of Indian origin are reportedly the second largest segment of property buyers in Dubai, after UAE
citizens. In other words Indians are the single largest group of investors among those who do not trace their heritage to within the borders of the UAE. The Emirati city has held a special place in the hearts and minds of Indian investors and indeed among Indians in general. It has been a city that has been a preferred choice for real estate investments as well.
Close and thriving relations between the two national economies, a good understanding of market forces, a healthy return on investment made even more lucrative because of tax benefits and recent investor friendly legislation are all major factors for the huge interest we experienced among Indian investors. The strong growth that has seen a consistent expansion of the Indian economy, in recent years, has created a growing middle and wealthy class who are looking for opportunities for profitable investment. A large Indian diaspora in Dubai and their tremendously positive relationship with the country hosting them has also contributed to a familiarity and ease that both Indians and Emiratis experience with each other.
The optimistic energy surrounding the Dubai Property Show was, of course, focused around the interest of Indian investors in properties in Dubai. However, we at Gemini Property Developers found ourselves intrigued by the possibilities within the Indian market itself. The expansion of our property business into Indian real estate developments has been one of our ambitions for some time already and one that we have been steadily working towards. India is in the unique position of undergoing a transformation. As the nation’s self-image and self-confidence undergo a change, people are aspiring to more than what they have settled for in the past. I believe these rising aspirations are at the core of the reemergence of India on the world stage.
To some extent, Mumbai has always been at the center of such ambitions. After all, it is not called ‘the city of dreams’ for nothing. Much like Dubai, Mumbai has always had the reputation of allowing those who dedicate themselves to their vision to achieve big. What I found striking, however, was how widespread this desire to reach for a new standard and new life was apparent in participants from Indian cities as diverse as Delhi, Surat, Goa, Chennai, Coimbatore and many many more.
In some ways, when I look at how the Dubai of today is seeking to move forward towards an even more dynamic, people friendly and futuristic version of itself, I can see the blueprint for Indian real estate as well. While we were tremendously happy with the interest the Gemini Property Developer’s Symphony and Splendor projects generated, in many ways we were even more excited by the investment climate and mindset within India itself.
People sometimes ask me about what the source of my constant desire to achieve and expand comes from. I think our people are our biggest strength. Gemini Property Developers was conceived to bring people’s dreams of owning a home to life. I am proud that our team made our presence at the event a great success by their commitment and passion to hold high the Gemini name, while helping people to dare to dream big and strive to turn those dreams into reality.
As I was being driven back from the Dubai Property Show on the final day of the event I had a quiet moment to myself. The several wonderful interactions from the event were still fresh in my mind, slowly crystallizing a vision of expanding our real estate footprint to Mumbai. And I was excited by the opportunity and the possibilities it could open up for eager Indian investors to take advantage of a tax-free, robust and high ROI investment environment like Dubai real estate. And in that moment, surrounded by the vibrant and colourful sights of Mumbai, I found myself content in the knowledge that the tale of these two cities I have called home would now become further intertwined.
