A luxury real estate company with a significant presence across Cyprus, UAE, the UK, and India, Karma Developers, has announced that it will be building several premium projects in Dubai.
Consequently, it has joined hands with Deca Properties, a top development management firm, to develop commercial and residential properties in the city.
Deca Properties is headquartered in Dubai and has already established its credentials by establishing partnerships with more than 2,500 companies across the globe.
These include those situated in the US, UK, Russia, France, India, South Africa, and China.
Through this collaboration, the two developers hope to boost the extensively competitive mid-size development offerings in the UAE.
Thus, this partnership is based on the promise of innovation and excellence, along with superior build quality and value.
Karma Developers
For 30 years now, Karma Developers has been going around investing in iconic commercial and residential properties located across the UK, Cyprus, India, as well as UAE.
The collective aim of the two developers is to build new and exciting living experiences throughout the popular and prime locations in the city.
As a result, the collaborators have valued their project at no less than AED1.3 billion, which comes to around $354 million.
According to Karma, it is planning on announcing a number of residential projects in the next couple of months.
It further pointed out that all of these will be revealed through a phased approach, which will include Olivia Residences, situated in DIP, and two other distinctive properties in DLRC and Arjan.
The announcement went on to state that these properties would feature over 484 apartments, all of which will be supported by community and retail facilities.
Projects
The CEO of Karma Developers, Shahzad Narain Saxena, stated that the company believes that Dubai is soon going to grow as a global hub for business, tourism, and living.
As a result, the developers are committed to contributing to the development of the emirate by creating innovative real estate projects.
In the words of the CEO, the proven track record of Karma Developers is an ode to the successful projects it can create, such as those in different countries.
He pointed out that even in the UAE, the company has been lauded for its brilliant approach to opulence.
The flagship project of Karma Developers, namely the Beach House, located on Palm Jumeirah, was commenced back in 2022.
It is believed that this project will set new standards for people searching for luxury living, thus offering unparalleled views of the iconic Arabian Gulf and Burj Al Arab.
Residential rents
Meanwhile, residential rents in the popular neighborhoods of Dubai are readily climbing. In the third quarter of the current year, the market indicated a surge of more than 40%, as compared to the corresponding period of 2022.
Villa tenants have been faced with the highest increases in annual costs of housing, with three-bed units located in Dubai Hills going up by 46%, as compared to the previous year.
On a similar note, four-bed units located in MBR City jumped up to 42%, where annual leasing rates are concerned.
