Trust a Gujarati to sniff out a business opportunity even among debris and rubble. The Dubai realty sector, still shaky from a near brush with bankruptcy, has fired the money-spinning sensibilities of Gujarati realtors like never before and already, in the confines of their swank offices, they?re building dreams higher than the Burj Khalifa of picking up hot property at rock bottom prices. That the world too recognises the Midas touch of the Gujaratis is evident from the fact that while a delegation of the Confederation of Real Estate Developers of India is headed for Dubai for a convention later this month, it is delegates of the Gujarat chapter, comprising some of Gujarat?s top builders, for whom an auction is being organised by a cartel of agents.
Already there?s a palpable air of excitement among builders of arguably India?s most enterprising state. That?s because at the moment, the realty market in Dubai is down by almost 40%?an ideal time for anyone with a voracious risk appetite to rush in where most investors fear to tread. Knowing their razor-sharp business acumen, not only will the cash-rich Gujarati builders mop up the most lucrative deals and tie-ups with cash-strapped realtors, but will also make substantial inroads into the economy of Dubai.
After all, let?s not forget that it is this penchant for sensing a good deal that is responsible for the affluence of non-resident Gujaratis across the world. The motels dotting the landscape in the US are, in fact, even nicknamed ?potels? after the industrious Gujaratis who, like the proverbial camel, first sought shelter in them and then took them over. Today, Gujaratis own or control over 20,000 potels.
Funnily enough, it is this fascination for discount sales, which have earned the Gujarati diaspora a comic reputation as well. In Australia, it is said, even if there?s a sale of potato in a store, within hours the entire stock is picked up by thrifty Gujaratis who not only stock up the humble root for a rainy day, but with some deft use of SMSs, even invite their brethren in the city to do so. Moral of my story: Whether its discounted potato or property, you can be sure there?ll be a Gujarati waiting with his money bags to make a killing.
jyotsna.bhatnagar@expressindia.com
