Developer: 'Start construction before you sell'
Premiums available for patient developers
The managing director of an Indian developer working on projects in Dubai says the developers should look at selling on projects only after construction has started.
Hirco MD Darshan Hiranandani said that the Dubai market had changed in the past few years but that smart developers could pick up rewards.
“The market has slightly matured and you need to build up to a point before you start selling. People should see what they are getting and they will pay a premium for that,” he said.
Hirco is currently developing two projects in Dubai, 23 Marina, a residential tower in Dubai Marina, and an as-yet unamned project in Business Bay. Hiranandani said that the Business Bay project would be sold under such an arrangement.