Realty partnership in Ahmedabad heading towards a split

After the much discussed dissolution of the Bakeri Group-Ganesh Housing tie-up, yet another realty partnership in the city is heading towards a breakup - the Safal Group partners have decided to end their 15-year association.

In 1995, Rajesh and Rupesh Brahmbhatt had joined hands with Dhiren and Uday Vora to form the Safal Group. The two sets of brothers gave Amdavadis novel residential schemes such as Safal Parivesh, Safal Parisar and Safal Vihaan.

Now, the buzz in the realtors’ circle suggests that the Brahmbhatts and the Voras are preparing to cleave the Safal Group into two separate realty firms.

According to insiders, the sticking point between the partners was their differences about the pace of future expansion, and a “difference in ambitions”. Rajesh Brahmbhatt apparently wants to reduce the work burden, but the Voras are said to be keen to take the company to the next level with new realty projects in the city. The Voras have been the main financiers for all Safal projects. Rajesh Brahmbhatt, a full-time director of the company, did not deny the prospect of a split, but said, “I cannot comment on this right now.”

Over time, Rajesh Brahmbhatt has emerged as the face of the Safal Group in the realty sector. “My association with Safal is half-a-decade old, but I have
never met Dhirenbhai. It seems he has been dealing with financial matters,” said a realty-market insider.

It is learnt that the Voras as well as the Brahmbhatts would be able to hold claim on the Safal Group’s existing projects.