There is now a growing demand for ready inventory in the market as customers are more confident in buying a house they can move in today, says the chairman of the Akshara Group, Sundeep Tolani, who has responded to the current market trends with his latest offering Laya Mansion in Jumeirah Village Circle (JVC). Known as a family friendly, affordable community, JVC has developed into a popular area in the last five years, offering one of the highest rental yields for apartments in Dubai. The area will also see capital appreciation in the long run.
The community fosters family living as everything from recreational parks to world-class schools are a few steps away. Homebuyers are also looking for affordability without compromising on quality, says Tolani. “People are concerned about quality as they feel a good-quality home will appreciate in value and protect their investment. The opportunities in the affordable homes segment in Dubai are exciting. We are looking to aggressively grow our presence here in JVC.”
Projects that are self-sustaining are also in demand, says Tolani, as the pandemic has made people mindful of going outdoors and in busy areas. His project Laya Mansion is fully self-sustaining with amenities, such as a resort-style pool, sauna room, state-of-the-art gym, outdoor children’s playing area, and a landscaped pool area that can be also used for lounging or as a co-working space.
“The value of having such amenities under one roof will be an important trend as we move into the future,” says Tolani. “The project is almost 90 per cent sold out so we have very few units remaining. We are offering a three-year payment plan to customers with only 10 per cent down payment to move into their new homes. The payment plans will help homebuyers own an apartment interest free instead of paying rent. Our studios are also fully furnished allowing homeowners to move in immediately without stressing over furniture selection or interior design. Buyers are also looking at service charges as a key buying point. We created Laya Mansion with this in mind. We have kept our service charges low.”
Technology is also playing a huge role in the market today, agrees Tolani, with virtual walkthroughs of apartments and video calling with clients having significantly increased in the last three months. “It has, in fact, helped us reach a larger client base in other countries such as China, Singapore, Nigeria, and India, which earlier required our presence there to interact with our customers.”