Around 100 Gujarat builders will bid for over 150 properties in Dubai at an auction to be held at the ballroom of the world’ tallest building, Burj Khalifa. A delegation of Confederation of Real Estate Developers of India (CREDAI), Gujarat chapter, is going to Dubai to attend the national convention of CREDAI on January 23. Extending their stay, Gujarat builders will participate in an auction specially organized for them by a cartel of agents.
Jaxay Shah, president of CREDAI, Gujarat chapter, said the idea is to stay on in Dubai for a couple of days after the CREDAI meet and explore opportunities for builders who are flush with funds. “At the moment, real estate prices in Dubai are down by up to 40 per cent because of the financial crisis. Many of us feel that this is the right time to make an entry and establish business in the emirate,” said Shah, who himself is eyeing commercial as well as residential properties.
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