One of the top 10 developers in India, Sobha Group is credited with best practices in real estate sector. Having completed innumerable projects especially in South India, Sobha is very positive about the real estate market in Dubai. PNC Menon, Chairman & Founder speaks to Buildotech
Backward integration has been a main factor contributing to your effective service delivery. What are the various areas of backward (forward if any) integration?
Sobha Group is the only fully vertically integrated real estate development conglomerate in the world. It has key competencies to deliver a project from its conceptualization to completion and the expertise in brought in from all the divisions to focus on every single aspect of a project. Everything from precision engineering to aesthetic design and from quality metal glazing to high-class interiors is done in-house. Every project and every detail is value engineered to achieve the highest quality possible and delivered in a timely manner. Backward Integration ensures cost control as well as not being dependent on third party suppliers for key products and services required in the process of development and construction of projects. The core focus is to transform the way people perceive quality and design the spaces to improve their living standards.
The following is the 5-tier inspection process (Over 8,000 man-hours invested in supervision):
• Supervision Team check
• Engineers inspect
• QA/QC for construction Team asses
• Consulting Team investigate
• QA/QT Team – (Independent) does the last check-up and confirmation
Sobha has major presence in Dubai. How are the Indian Investors seeing the Dubai property market?
Our residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes. At present, there are three major projects under construction, two of which are located at prime locations in Dubai and are expected to be completed by 2020. The Sobha Hartland project was launched in 2014, which is a $4 billion dollar, mixed-use development. The resort-style luxury housing project encompasses 8 million square feet of freehold community in Mohamed bin Rashid Al Maktoum City. 30% (2.4 million square feet) of the community is only reserved for greenery. The group recently announced its forthcoming Hartland Estates Townhouses – the largest and only townhouse project in the heart of Dubai and along the Dubai Water Canal. Its proximity to Dubai’s top attractions makes it a sought-after project. At the end of the first phase of Sobha Hartland, the company has launched 48 Villas and 160 apartments which have already sold in a significant number. At Sobha Hartland, residents will have access to wide selection of world-class amenities Moreover, the project is just three kilometres away from Dubai’s top attractions. This makes Sobha Hartland an ideal long-term investment for all nationalities.
The Meydan Sobha District One project is valued at $8 billion. It is a joint venture with Meydan Group and will develop 45 million square feet of freehold land into an exclusive destination of luxury villas and mansions surrounded by expansive green parks and lagoons within the Mohammed Bin Rashid Al Maktoum City. Phase One of the project will consist of 267 villas with handover commencing in the 4th quarter of 2016.
Sobha Group is also developing the Firdous Sobha scheme, a mixed-use island development that will have villas, apartments, hotels, shops and leisure facilities with a total value of around $6.8 billion. The scheme was announced in earlier this year and will cover 53 million sq ft or area.
Additionally, Sobha group has completed 380 contractual projects across Middle East, India and other countries, delivered 40.19 million sq.ft. in residential projects across India and Middle East and delivered 51.13 million sq.ft. in commercial projects across India and Middle East as well.
In 2016, Indians ranked the highest value foreign investors in the UAE’s most developed city. Dubai in the United Arab Emirates (UAE) is one of the most popular destinations for Indians, not just for vacationing and shopping, but for the overall aspirational lifestyle it offers. Over the years, Dubai has also emerged as a strong business hub offering various investment incentives and tax-free policies. To top it, the number of Dubai expatriate residents now stands at 2 million, which forms a formidable part of the workface here.
All these factors, coupled with the fact that Dubai is just a few hours away by air from India, makes it easy to understand why Indians are flocking to Dubai to invest in property.