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- Dubai 04:25 05:43 12:19 15:46 18:50 20:09
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Indian business conglomerate House of Patels will be opening eight to 10 retail outlets in the UAE in the next three years to market real estate projects in Dubai and India. “We will offer a worldwide network on a retail basis and through our outlets in the UAE and India to market Indian and UAE properties,” Asgar S Patel, Group Chairman, House of Patels, told Emirates Business. However, the company has ruled out entering the emirate’s development boom. “We will not be entering real estate development, but what we are doing is we are investing in land and selling it to Indian entrepreneurs who want to come here.” The company, at one point, had invested $100 million (Dh367m) in buying apartments and villas in Dubai, but subsequently sold them off . “Russians are buying property in the UAE, but its mostly a one way traffic. From India, we are witnessing two-way traffic – people wanting to invest in India and Indians planning to buy in Dubai,” he added. There are a number of funds with billions of dollars looking to enter the Indian real estate market, Patel said. “They have the money, but they don’t know how to acquire land in India. Acquisition of land is a complicated business, as every state has its own law. So we offer advice to hedge funds, private equity companies and even private people, who want to buy land.” Despite being a major player in the logistics business in India, House of Patels is not intending to enter this market in the UAE for at least another three years. “We are not coming into the UAE logistics market for the next three years because India is booming. Infrastructure is growing at such a fast rate there. “Northeast India is totally unexplored as far as road transport is concerned. Infrastructure is still being built and I think for the next decade there is sufficient business there,” he added. Started as a one-truck company in 1959, House of Patels group comprises Patel Integrated Logistics and Wall Street Finance, which provide services in surface transport, door–to–door express cargo service, on-board couriers, freight forwarding, money remittance, finance and foreign exchange. The number $100m The amount of money the House of Patels had invested in buying apartments and villas in Dubai, that were subsequently sold off to fund its expansion in other areas |
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