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.