On August 23, Mumbai Mirror had carried a story about the alleged investigations being carried out by a government agency in Dubai into complaints against real-estate firm Dynasty Zarooni.
On further investigations, we found that the allegations were not true. Kabir Mulchandani, the 35-year-old chairman of Dynasty Zarooni explains why he is in the eye of controversy:
• Mumbai Mirror: What made you shift your base from India to Dubai, and how difficult was it, business-wise, to relocate to Dubai and start from scratch?
Kabir Mulchandani: On a trip to Dubai in July 2004, I witnessed the beginnings of the process of creating one of the finest master-planned cities of our time. I immediately felt a desire to be a part of such a unique phenomenon. So in October 2004, I moved to Dubai and set up my company, Dynasty Enterprises Inc.
The total transparency and speed of transactions in a tax-free environment provided Dynasty Enterprises the opportunity to grow its profits by over 20,800 per cent in three years.
Then, in September 2007, we merged with the real estate group of Mr Hilal Al Zarooni.
Mr Zarooni was owner of a construction and development company, which had over 30 years of experience in developing projects and the retail of luxury goods in the UAE. The merged entity, Dynasty Zarooni Group, created the largest privately-owned investment company in the UAE.
The value of projects of Dynasty Zarooni group, which have been developed; are under development; and have been successfully invested and disposed off are over Rs 26,000 crores and in the process, investors of Dynasty Zarooni Group have made returns of over Rs 7,500 crores.
• MM: This paper recently carried a story about allegations made against your company which later turned out to be false. Do you see any plan by your adversaries in this campaign?
KM: Success has no friends. During the merger there were certain senior executive(s) in the company who felt insecure about their position in the merged entity.
Once the merger was effected, the covert operations of these executives came to light, along with details of other fraudulent activities being carried out by them.
These elements have constantly been working against the interests of ‘Dynasty Zarooni Group’ and have spared no efforts to create fraudulent and fabricated documents, which have found their way into the Indian media.
All allegations that have been given some credence by the fraudulent documents are, therefore, false and baseless. In fact, the Dynasty Zarooni Group has been given a clean chit by the The Real Estate Regulatory Agency (RERA), a body under Land Department, Government of Dubai.
• MM: Who are your competitors? What prospects do you see for your real-estate firm there?
KM: Our unique business model has helped us in fulfilling a niche requirement in the UAE market.
As such, we do not have direct competitors in the market. We already have strategic alliances with Al Fajer Properties LLC, managed by His Highness Sheikh Maktoum Hasher Al Maktoum, a member of the ruling Maktoum family; Business Bay LLC; Dubai Properties; Green Emirates Properties; Hydra Properties LLC; Mazaya Real Estate LLC and many more. All of the above are government, quasi government or listed entities and we are their preferred distribution partners.
The outlook for our company in the UAE real estate market continues to be bullish and we are now embarking on a Rs 30,000 crores project comprising over 6 million square feet in creating a prime new city on the water.
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Dynasty Zarooni - Dubai Success Story! 