Madhav Dhar: Pioneering The Path To A Green Legacy

Madhav Dhar, Chief Operating Officer (COO) and Founding Member of ZāZEN Properties, embarked on a transformative journey from advertising to real estate, drawing from diverse experiences.

In 2018, ZāZEN Properties was born, focusing on delivering high-quality, sustainable projects to Dubai's mid-market segment. Its flagship development, ZāZEN One, redefined sustainable community living, garnering accolades and setting new standards.

Dhar emphasises the UAE's commitment to sustainability and the growing demand for eco-conscious real estate. ZāZEN Properties leads the way with its environmentally responsible projects, embracing a greener future aligned with UAE's vision.

In an exclusive chat with Business and Technology Review, Dhar shares his vision for crafting environmentally responsible residential developments, focusing on the mid-market segment, boasting spacious accommodations, world-class amenities, and solar power generation to reduce service charges for owners.

Excerpts of the interview:

Could you please share the story of your journey, highlighting any significant challenges you encountered along the way?

Having started my career in advertising, I have been fortunate to learn and grow from the ground up, working on global accounts across various industries. That groundwork led me into real estate, working with large developers, in senior positions, the last being The First Group. I believe my mix of experience gave me a leg up and a different outlook on the real estate product type, lifecycle and sales process. I leveraged that knowledge and in 2018 began a new phase of my career by establishing ZāZEN Properties and taking on the role of COO.

Since inception, our focus has been on delivering high-quality projects to the mid-market segment consumer, while ushering in a new era of sustainable real estate for Dubai and the UAE as a whole. We pride ourselves in crafting conscious living spaces, creating a ‘community within a building’, and doing all this without compromising quality and on-time delivery.

Our goals of a greener future, align with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai’s pioneering vision for the country, and we are at the forefront of a new wave of sustainable residential developments that will help meet the requirements of future housing demand consciously.

As a new developer entering a crowded market, garnering attention and recognition for our product was arguably the biggest challenge we faced. Our flagship development, ZāZEN One in Jumeirah Village Triangle (JVT), introduced the concept of Sustainable Community Living to the Dubai market, boasting spacious living areas, world-class amenities, and solar power generation that contributes to reduced service charges for owners. We completed this project within 24 months and handed over the development as planned, and more importantly, as promised in our marketing campaigns and collateral.

The project sold out within months and received multiple accolades, including the Sustainable Real Estate Project of the Year Award at the 2022 Sustainability Innovation Awards and the Best Residential Development Award at the Arabian Property Awards 2022 held in the UK.

Furthermore, we set a new quality and price standard for the mid-market residential product within the area. The community is now home to nearly 30 different nationalities, boasts a 99 per cent occupancy rate, and is outperforming the rental and sales price in the area by over 25per cent.

What are the key factors driving the demand for real estate in the current market? How has it evolved in recent years, and what trends do you foresee soon?

The UAE is like a world-class athlete, adding something to its arsenal each year to improve its overall performance. Forward-thinking initiatives like the Dubai 2040 Urban Masterplan, UAE Net Zero 2050, and most recently, the Dubai Economic Agenda (D33) reinforce this notion. The country and its leadership understand that to succeed in all domains, including real estate, it must remain agile and adapt to the evolving market. A call for increased sustainability has been seen across the globe in recent years, and the UAE has been at the forefront of this revolution.

It is no longer a secret that developments that enhance the country’s leading global position, world-class infrastructure, and ultimately, its environmental landscape will be prioritised in the coming years and decades. The UAE is accordingly modernising its policies and implementing new mandates regularly to ensure that the vision of creating a sustainable future is achieved.

COP28 will drive this agenda forward even further, and there will soon be a day when all residential developments abide by the UAE’s green blueprint. Developers who don’t get onboard now, and instead get swept up in maximising profits at the expense of the country’s environmental benefit, will accordingly get left behind.

As it stands today, the UAE’s proven ability to withstand turbulent times has seen millionaires migrate to the country in increased numbers while overseas turmoil has seen a massive influx of European and now Chinese investors look to Dubai to safeguard their assets. This has driven demand to all-time highs, and in turn sales transactions and real estate values are skyrocketing to unprecedented levels.

This will continue to be the case for the foreseeable future as tax advantages, a stable economic and political market, and a reputation for excellence have the country’s real estate sector well-positioned to thrive while other major markets like Paris, New York, and London seem to be enduring hardships. However, a new era of sustainability is on the horizon, and inevitably, we will soon see more educated buyers and investors make purchases that exclusively align with sustainable principles.

Real estate can be a dynamic and competitive industry. What strategies do you employ to stay ahead of the competition?

Well, we can't spill all our secrets here, but ZāZEN Properties is a niche developer. We focus on building high-quality, sustainable residential developments and consider ourselves leaders in this field. We remain agile, plan ahead, and not based on current market trends. Each space is built with our end users in mind and designed based on how they live, not what’s easy to sell. The goal is to help people in the UAE live better by providing carefully tailored homes instead of apartments and a sense of community instead of a building.

We are constantly planning in line with the future requirements of the country and finding ways to contribute to its overarching initiatives. For example, ZāZEN One, which is Trakhees LEED Green certified, reduces approximately 440 metric tonnes of carbon dioxide (CO2) per year and aligns with the UAE’s goal of eliminating these emissions by the half-century mark.

With CO2 being the primary gas that contributes to recent climate change, this reduction goes a long way in not only benefitting the UAE but also the world as a whole. Our latest development, ZāZEN Gardens in Al Furjan, will be the first LEED Gold certified and Well-Being integrated residential development in Dubai and will reduce even more CO2 (approximately 470 metric tonnes) annually.

What are key accomplishments and milestones that ZāZEN Properties has achieved under your leadership?

Well, we love winning of course. Awards like the Sustainable Real Estate Project of the Year 2022 and the Residential Real Estate Project of the Year at the Arabian Property Awards 2022 have helped strengthen our standing in the market and given recognition to our exceptional team and partners.

Moreover, it has enabled us to become an emerging player in the market with accolades including being named one of the top 25 developers of Middle East construction in 2023, one of the top 50 developers in the GCC in 2023, and in the top 10 green developers list for 2023 as well.

Above and beyond this though, the trust earned from our owners and investors gives us the most pride. Our projects sell out fast, to people of all different nationalities and backgrounds. They know that we will deliver as promised and on time, and understand the quality, value, and concept of what we are bringing to the market.

It's impressive to hear that both of your recently launched projects have been completely sold out. Can you share some insights into the factors that you believe contributed to the rapid success and high demand for these developments?

Aside from the aforementioned market dynamics that are ongoing, and our specialized focus on building and delivering sustainable-centric residential developments, the two biggest factors in our success have been listening to what consumers want and being relentless in our approach to deliver exactly that.

While Dubai is known for its luxurious offerings, and 90 per cent of the UAE is made up of expatriates, the truth is that not everyone who resides in the country can live the lifestyle that the media focuses on. There are different tax brackets, and the economic conditions of an individual or family ultimately determine what they can afford. We were well aware of this from the start, and are making sure that the middle-income segment can still live comfortably, with high-quality finishes and amenities, and all at a reasonable price point.

Sustainability is a growing concern in the real estate industry. How does ZāZEN Properties incorporate sustainable practices into your projects?

Every project we do is sustainable, from the moment we conceptualise it, all the way through planning and then eventually execution. We assess factors like material sourcing, material disposal, logistics planning, and efficient material usage at the site - planning for it and monitoring it to ensure that guidelines are created and abided by.

Taking ZāZEN One as an example, our design allows parts of the building to shade other parts, lowering sun exposure to keep cooling costs and energy usage low. This was an element that provided sustainability both in terms of the environment and in terms of cost for tenants. Solar panels and efficient equipment and fixtures were also implemented to provide similar benefits and establish the building as a sustainable micro-community.

During the construction phase, we locally sourced sustainable materials and used them in compliance with Green building codes. To prevent soil erosion, our project site was enclosed with metal fences, we covered sand piles with fibre meshes and tarpaulins, and we regularly sprinkled water on loose soil to prevent air and dust pollution.

To enhance housekeeping and waste management practices, we collected food waste separately and had it disposed of by approved waste disposal services. Construction waste was also sorted into four categories (wood, concrete, steel, and general waste) to ensure efficient waste management. A dedicated team conducted spot checks and follow-ups to minimize construction material wastage. General construction waste was disposed of at specific locations designated by the Dubai Municipality, and hazardous materials such as construction chemicals, diesel, and petrol were stored separately from the work areas to maintain a safe working environment for the construction team.

Through these best practices, we achieved an approximate eight per cent savings in overall cost at the end of the construction phase. We are duplicating this success, and elevating them further with ZāZEN Gardens. Going back to the analogy of the UAE being a world-class athlete, as a homegrown brand, we are striving to ensure that we follow in its footsteps to improve our standing, all while benefiting the environment.

Is there anything else you would like to share about ZāZEN Properties, your vision for the company, or the real estate market in general?

At ZāZEN Properties, we have made sustainability one of the cornerstones of our identity and mission. Our vision is not just about constructing buildings; it's about creating sustainable communities for the people of Dubai and the UAE to live better. From our first project to our latest endeavour, ZāZEN Gardens, every development reflects our commitment to environmental responsibility, quality living, and forward-thinking design.

One of my proudest achievements is being recognised as a leader in sustainable real estate and delivering high-quality projects in this space. Leveraging my insights, experiences, and achievements, I have been fortunate to effectively establish ZāZEN Properties into a trusted brand within just five years. Building on this, we have now embarked on a new role as a developer consultant. Our passion for all things real estate and our unique insights can help new developers in the region understand the ever-evolving real estate landscape and formulate strategies for maximum efficiencies and returns. It's about helping maximize profits of course, but doing so while delivering a product that is unique, well received, and sustainable focused.

• Business Technology Review