Diwali – the Festival of Lights – that takes place on November 12, 2023, is going to light up the lives of those lucky ones who purchase homes at Al Haseen Residences, located close to Al Maktoum International Airport, the world’s largest greenfield airport, part of the Dubai South community. In fact, it could change their life as property prices are appreciating fast.

Dugasta Properties, developer of Al Haseen Residences, brings an outstanding offer – an 8 percent guaranteed rental return per year for the first five years totalling 40 percent of the property value in rental return for a range of studio, one bedroom, and two-bedroom apartments.

Diwali, the Festival of Lights, is celebrated across India as the main festival when people share sweets, delicious food while fire-works light up the localities across India. Families spend a lot to buy gifts for the near and dear ones to share the spirit of Diwali.

As part of the Diwali Dhamaka, it offers total exemption from service charges for the period of 5 years. An additional bonus is the 100 percent buyback option after five years, which adds an extra layer of sweetness to the deal.

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. Prices of ready-to-move-in apartments start as low as Dh342,000 (US$93,188) for a studio and Dh1,023,000 for a two-bedroom apartment – way below the current market prices – that is going to jump in the next few years due to the massive development taking place in the surrounding areas next to Al Maktoum International Airport close to where Al Haseen Residences are located. Since most airlines start shifting flights to Al Maktoum International Airport that has a design capacity to handle 160 million passengers per annum. The demand for homes in that area will jump manifold, and so will the price.

As per the 8 percent guaranteed return per year on investment scheme, an investor in a property priced, for example, at Dh1 million for a two-bedroom apartment will receive a guaranteed Dh80,000 return every year for the first five years and subsequently receive a guaranteed total of Dh400,000 in five years, regardless of the market conditions – and then if he wishes to sell the property after five years, the developer could buy back the property at the purchase price.

This game-changing initiative will create a win-win situation for everyone – the property buyer or investor, developer and broker – and will encourage new investors to benefit from the opportunities created by the scheme.

“This Diwali we wanted to share the joy with our home buyers and investors by giving them back 8 percent of their investment per annum for first five years. Let this Diwali light up your life with Dugasta,” Tauseef Khan, Founder and Chairman of Dugasta Properties, says.

“As per the Diwali Dhamaka, we are also offering the buy-back option of the property after five years, if the buyer/investor decides to sell it off. We have decided to cater to the middle-income families who want to buy their dream homes at an affordable price and we believe this price will be sustainable in the long run even in the case of softening of the market.”

Dugasta Properties’ sales, marketing and leasing arm City Tower Real Estate has been in business for the last three decades dealing with tenants and corporate customers with high-quality leasing advisory services. Dugasta Properties is the group’s new real estate development company which will spearhead a series of projects for development in the coming years.