New developer Dugasta Properties announces ambitious development plan

Sajjad Ahmad, Deputy Business Editor

Dugasta Properties, a new Dubai-based real estate developer that translates dreams into reality, has launched its brand identity at a gala event at the Grand Hyatt Hotel, Dubai, attended by hundreds of real estate brokers and industry stakeholders. A number of Bollywood celebrities led by brand ambassadors Sonu Nigam and Elnaaz Norouzi joined Tauseef Khan, Founder and Chairman, Assad Khan, President, and Azaan Khan, CEO of Dugasta Properties, to announce the arrival of the new developer.

Dugasta Properties will build upon the legacy established by its predecessor, City Properties, that has already delivered two projects – Al Haseen Residences – next to Al Maktoum International Airport. Dugasta Properties belong to a well-established business group that includes City Tower Real Estate that manages more than 7,000 residential units in different parts of Dubai. Founded and led by Mr Tauseef Khan, Chairman, the group has established a legacy of more than three decades, offers all aspects of property management including sales, purchase, re-sale, leasing, maintenance – soft and hard maintenance services.

“Today we are not launching just a name or a logo, but we are launching a concept, a brand that will change the real estate market and bring properties close to the largest market segment – the middle-income families – by offering high-quality affordable homes and making them affordable for them,” Tauseef Khan, Founder and Chairman of Dugasta Properties, said.

“Dugasta might be a new name. But we are not new in real estate. We have been blessed with more than three decades of experience in leasing, buying, selling and maintaining properties. Based on our combined experience, we now want to launch and deliver a number of properties that will be offered to buyers belonging to different economic segments – at an affordable price – to make the real estate sector more sustainable.

“A home is a family’s dream and most families put their life-savings in their first home. We want home acquisition to be more affordable without compromising on quality, facilities and amenities.”

Dugasta Properties has announced a game-changing scheme for home buyers at Al Haseen Residences that guarantees 8 per cent annual return on investment in the first five years – followed by a buy-back option after the fifth year to sell off the properties back to the developer.

Moreover, the integrated package comes with a service charge waiver for the first five years, that amounts to a healthy net saving. Al Haseen Residences, a mid-rise two-building project located next to Al Maktoum International Airport, offers 217 apartments that have been built and delivered by Dugasta Properties.

“As soon as a buyer signs up the agreement and pays the full amount, we register the property under his or her name and the next day, we will sign the quarterly rental cheques for five years and hand it over to the property buyer or investor. It is as simple as that.,” Tauseef Khan said.

“We are already getting 8 per cent rental return from the properties and we want to share this with property buyers. On top of that, the investor/buyer is exempted from paying service charges for the first five years. You can’t have a better deal than this.”

Prices of ready-to-move-in apartments start as low as Dhs342,000 ($93,188) for a studio and Dh1,099,000 for a two-bedroom apartment – way below the current market prices – that is going to double in the next few years due to the massive development taking place next to Al Maktoum International Airport close to where Al Haseen Residences are located.

Tauseef Khan brings more than three decades of experience in leasing and selling property across Dubai through his leasing and sales arm, City Tower Real Estate, which manages more than 7,000 apartments and villas in Dubai.

The new scheme, coupled with the lowest possible prices, service charge waiver and attractive location of the future, makes Al Haseen Residences the most sought-after properties and buyers will be able to sell them at double the purchase price, if not triple in the next few years when most airlines start shifting flights to Al Maktoum International Airport that has a design capacity to handle 160 million passenger per annum. The demand for homes in that area will jump manifold, so will the price.

Azaan Khan, CEO of Dugasta Properties, said, “At Dugasta, our ambition is to make zero-risk investment a reality. We deeply recognise the importance of safeguarding our investors, ensuring that we protect them from uncertainties. Every investment made with us translates into a promise of greater returns. This is our sincerest pledge-that you can place your faith in us, confident in the knowledge that we will strive tirelessly to enhance your investments.”

Assad Khan, President of Dugasta Properties, said, “We are blessed with visionary leadership and it is due to the leadership of the country, we are able to deliver great value to the industry stakeholders – customers, brokers, contractors, sub-contractors and also contribute to the UAE economy.

“Dugasta Properties is a customer-focused organisation and we are committed to providing our customers with the best value for their money. All our new projects will focus on the customer needs and our team will ensure the best advisory to the home buyers.”