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Thu 7 Jan 2010 03:51 PM

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Indian businessman pays $25m for two floors in Burj Khalifa

Multi-millionaire B R Shetty owns a 'monstrous' amount of floor space.

Indian businessman pays $25m for two floors in Burj Khalifa
DUBAI ICON: The Burj Khalifa was opened on Jan 4. (Getty Images)

An Indian businessman has bought two floors in the newly opened Burj Khalifa at a cost of around $25m, according to reports in India.

Multi-millionaire entrepreneur B R Shetty, who is managing director and CEO of the New Medical Centre group of companies in Abu Dhabi, told The Economic Times newspaper in India that he owns a “monstrous” amount of floor space in two floors of the world’s tallest tower.

Shetty said he didn’t know how many apartments he owns in the two floors but he did tell the New Delhi-based newspaper that the two floors cost Rs 570m ($12.47m) each.

“What better address than ‘B R Shetty, 100, Burj Khalifa, Dubai’,’’ said Shetty.

He also added that since he had bought the floors the price of real estate in the tower had increased dramatically.

“Since I bought it, I have been receiving calls quoting as high as AED12,000 per square foot . Even in these recessionary times, the price is still quoted at AED8,000 for the space I bought for AED3,000,’’ he is quoted as saying in the newspaper.

The healthcare entrepreneur will take possession of the two floors in February this year, the report added.

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Expat 10 years ago

I think it is only fair enough to give back some part of all the great fortunes you have earned from this country and also to pat yourself on the back for all the hard work he has put in to be at this level of success. Good for him. I think all expats should decide to take such steps(most who could afford have) and make a statement on their faith in this country and gratitude to UAE.

Graham 10 years ago

I would willingly do that if the UAE/Dubai would consider giving me citizenship - but this will never happen. Mr Shetty has been given citizenship on special case.

Mohd 10 years ago

Gharam: Did you not read Indian Businessman ? Even if you live here for 50 years, there is no mandate to give Citizenship.

celticmonkey 10 years ago

who said anything about Shetty getting citizenship ?

hamdan mohamed(hamdan@imail.ae) 10 years ago

I would like to see what he have given to the country that gave him millions. i dont know him personally but i know his story from his partner. i wish him and wish all who work hard to get what they deserve. in another note, there are many millionaires who made their fortune in UAE, but that does not mean they got the citizenship, and NO he did not get it too. as you all can see no matter what is your nationality you can make money in UAE. you dont need our passport after all :-)

Aisha Sulaiman 10 years ago

The UAE citizenship cannot be bought so swallow the fact that an expat is a guest no matter how much he owns or does not own. It would be futile to build castles in the air, I mean in the desert.

Dubai resident 10 years ago

Hello Guys, BR is a business man - forget all these sentiments - he has bought these floors just to make more money...

Mounir 10 years ago

He isnt a citizen. Plenty of people have recieved citizenships, but 100% of them are muslim. Anyone who says otherwise is simply misleading the rest and is a fool him/herself. As for BR Shetty, the guy deserves everything he has and more. A truly hardworking man, a respectable icon to the indian and expat community in the UAE. This guy has earned the Abu Dhabi Award given to him and i wish him all the best in the future.

Abu Zahra 10 years ago

BR says he bought the property @ 3000 dhs per sq.ft. Going by the price he paid for the floor i.e US$ 12.5M (AED 46M), each floor should have 15300 sq.ft. None of the residential floors in Burj Dubai have this kind of floor space. Simply talking big does not make a person big.

Expat 10 years ago

Abu Zahra, I smell jealousy in your writing, BR Shetty has bought, I think on level 100, which is more than 16,000 S Ft in size.