Dubai has always been the surging property market in recent past. But it got a major boost from the Real Estate Regulator and Central Bank of the UAE which would make it stronger and matured. The steps that have been taken by the officials will not only facilitate the Property Market but also change the face of Real Estate in Dubai.
The property market in Dubai is stable and moving towards becoming a more matured market due to “significant steps” adopted by the real estate regulator and the Central Bank of the UAE, according to an industry official.
Parvez Khan, chairman of Pacific Ventures, paid rich tribute to the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and underlined the need to open up banking sector for real estate to bring more stability in the market.
Pacific Ventures, a Dubai-based diversified conglomerate focusing on property developments, was established in 2011 and has developed a trail of successful residential, retail, hospitality and fitness developments including Burj Pacific and Pacific Village, among others. With the launch of its new flagship development — The Royal Estates by Shah Rukh Khan — the company holds Dh4 billion projects comprising of approximately 2,500 units that will be delivered by 2018.
Khan, an entrepreneur developer of Indian origin, believes in building affordable homes for the upper middle class segment. He has full faith in Dubai’s visionary leadership, which inspired him to invest in emirate’s property sector in the midst of global financial crisis when no one was taking risk in real estate investment.
Shahrukh Khan formed Pacific Ventures and made forays into Dubai’s real estate market in 2011 by taking over two stalled projects at Jumeirah Village Circle under a project revival scheme called Tanmia as a challenge. In 2013, he secured two more developments — Burj Pacific, a 20-storey tower at the Downtown Burj district and Pacific Village, a cluster of villas and townhouses in Dubailand.
To a question about recent steps introduced by the central bank and Real Estate Regulatory Agency, or Rera, to cool the property sector, he said the central bank and the Rera have taken significant steps to secure the real estate market and stabilise it for end users as well as investors.
The Royal Estates by SRK
“The Royal Estates by Shah Rukh Khan” is a Dh2.4 billion mixed-use gated community that comprises of town houses, apartments, retail and commercial units. The project has 2,000 units and will be developed in three phases. It is located in Dubai Investments Park, which is an upcoming landmark project at Dubai World Central.
The Royal Estates by SRK will go on sale from the first week of August with apartment units starting at Dh450,000 and townhouses from Dh1.6 million onwards.
Many more will follow to the initiative and the booming market of Dubai. It will get a lift from the investor and support from the Central Bank of UAE.
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