Dubai developer eyes luxury project in India

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Asgar Patel, chairman of real estate company House of Patels Group.

Asgar Patel, chairman of real estate company House of Patels Group.

A Dubai-based developer has revealed he wants to build a luxury hotel or residences on part of the 18km of waterfront land he owns in India.

Asgar Patel, chairman of real estate company House of Patels Group, told Arabian Business he was inspired by his recent investment into a $630m mixed-use tower in Bangkok that will become Thailand’s tallest building when it is completed in 2015.

The wealthy businessman, who is ranked as one of the most powerful and richest Indians in the Gulf by Arabian Business magazine, has recently invested $100m in two projects in Thailand, with majority of the money going towards the MahaNakhon tower.

He owns two penthouses – one worth $16.25m – and at least five apartments in the building, which is a project by Pace Development and includes 150 hotel rooms to be managed by Marriott International and 194 apartments that will be serviced by international hotel chain Ritz Carlton.

Patel also has the exclusive rights to sell the Ritz Carlton residences to Middle Eastern buyers.

He said he was impressed with the landmark development and would approach the hotel company to manage a similar project in India, where he owns swathes of premium land in Kerala, the most southern state.

“Because I have land [in India] ... I would like to talk with them,” he told Arabian Business.

“If they’re happy with my selling here [and] my PR with them here then they may probably come to India – I’d like to put it up to them.

“Ultimately, that’s my long term goal to get that because I’ve seen the MahaNakhon building, it’s beautiful. If they can do something like that for me in Kerala ...

“They already have the architects, they already have the know-how, they already have the market experience [and] they have the building skills. They’re already doing it so for them it’s just an extension, one more project.”

The development could potentially rival the twin Imperial Towers in Mumbai as the tallest building in India, at 254-metres each.

The Ritz Carlton declined to comment.

Patel already is developing a 250-apartment building in Pune, India’s sixth largest city.

The 61-year-old made his first fortune in India after establishing a trucking business in 1960 that became the largest logistics company in the country.

He migrated to Dubai in 1975 and set-up the Wall St Exchange Centre. He sold his last stake in the organisation to the Dubai government earlier this year.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

Heading for a correction?

Heading for a correction?

Property prices may have held relatively steady in Lebanon during...

Emaar's 'city of the future' explained

Emaar's 'city of the future' explained

The Iraqi city of Erbil is aiming to build on Dubai’s rapid march...

Most Discussed
  • 15
    Germany puzzled as UAE think tank ordered to close

    Matt, your words sound kind of funny given the role the Britain has played in this region for so many decades.
    And given the democratic tradition that... more

    Thursday, 17 April 2014 7:10 PM - one of the joes
  • 10
    UAE father who whipped son to death wins appeal

    "Under Sharia, a parent cannot be executed for killing their child"
    A spouse could be executed if he/she kills his/her spouse, as none of them is... more

    Friday, 18 April 2014 3:38 PM - Nihar
  • 3
    To diet or not to diet?

    It is best to eat by your blood type. Following this diet is miraculous. Generic diets don't always work as certain foods are not good for the individual... more

    Friday, 18 April 2014 11:49 AM - Shamira Mitha
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams