- October 24, 2021
- No Comment
Sudhir Ruparelia tips Ugandans on real estate business at URA’s e-Bomba summit
City businessman Sudhir Ruparelia has advised Ugandans on the Do’s and Don’ts if they want to invest and succeed in the real estate business.
Sudhir made the remarks while appearing at the Uganda Revenue Authority (URA)’s 2nd edition of e-Bomba Ya Business Summit 2021 held at its headquarters in Nakawa.
The summit attracted various business personalities and real estate entrepreneurs including; tycoon Sudhir Ruparelia-CEO Ruparelia Group of Companies, Judy Rugasira-CEO Knight Frank, Assistant Commissioner Research & Innovation at URA Ms.Irene Mbabazi Irumba and Shirley Kongai-President Association of Real Estates Agents, Uganda among others.
Sudhir noted that Real Estate has a lot of potentials to lift the economy through biting inflation which in fact many sectors can’t thus urging investors not to take the business for granted.
He, however, cautioned investors against borrowing to start the real estate business saying it’s very risky
“First, try and grow according to the cash flow you have and are creating. It is probably the best option. Because the truth is said, opportunities come all the time, especially when you have good cash flow. Take those opportunities.” Sudhir noted.
Sudhir further urged Ugandans interested in the real estate business the right plans and ensure cash flow if they are to venture into the lucrative business.
“Allow some form of organic growth. So long as you have a good amount of cash flow coming in, you mainly need to focus on the right location and the right plan, that’s all,” says Sudhir adding, ”just invest and plan right.”
According to Sudhir, condominiums are the future of housing in Kampala. ”Land in cities is getting more expensive, many are resorting to condos. The future I see is people will have upcountry homes and only do apartments in cities.” he added
In the same vein, Ms.Shirley Kongai the President Association of Real Estates Agents revealed that the Ugandan real estate sector is one of the safest businesses to venture into due to its ability to overcome inflation and other financial crises.
”Uganda’s real estate business has both professional/formal and unprofessional/informal realtors. It is largely unregulated so it’s brokers and realtors enjoying the fruits of the sector” Kongai said.
According to URA,the month-long virtual engagements are aimed at tipping business owners on financial growth and fostering voluntary compliance and these have been incorporated with skills to help businesses thrive in the new normal.
The ‘e-bomba ya business’ summits will run in series on Fridays up to November 12 2021.
The first episode of the summits focused on survival through the pandemic with deep conversations on business financing and alternative skills adoption by sectors grossly affected by the Covid-19.