Bill Malhotra: Condo King
The 100-year-old gurdwara in British Columbia serves as a testament to the long and thriving Indian community in Canada. The Gujarati and Punjabi communities form the largest component of the Indian diaspora. As per recent statistics, India is on the rise across the US and Canada, particularly in education, high-tech and politics. North America's most powerful high-tech companies, including Microsoft, Google, IBM, Twitter, and Match Group, have Indian-origin CEOs. Moreover, Indians in North America are punching above their weight in politics.
The educational achievements of Indian-origin people are above the norm in North America being the strongest of any ethnic group. As per a recent study, people belonging to the Indian community are nearly four times more likely to own a home vis-a-vis the average Canadian. In short, people of Indian descent are on a roll in education, high-tech and politics.
Bill Malhotra, one of the richest Indian-origin businessmen and the biggest property developers, immigrated at the age of 22 to Canada, looking for greener pastures. The 75-year-old realtor, known in business circles as the 'Condo King,' founded Claridge Homes back in 1984. He studied civil engineering at the Birla Institute of Technology and Sciences (BITS) Pilani. He left India for Canada in 1971, and worked as chief structural engineer for Ottawa City from 1977 to 1986. He recalls visiting Claridges Hotel in Delhi with his father during his childhood. This inspired him to name his company after the hotel.
Initially, Bill Malhotra worked for Robert Halsall’s engineering firm along with his brother Ashok Malhotra. He had a long stint with the firm where he acquired valuable knowledge of approval processes and municipal staff. Before he left the company to start his own business, he acquired and renovated several apartments, which gave him sufficient confidence to be an independent developer. At the initial stage, he received help and guidance from his father and government officials of Ottawa City, which ignited in him a liking for condos in the 1980s. He constructed his first condo, Clarence Court, in 1986.
Today, Claridge Homes undertakes massive projects, including condos, rentals retirement homes and hotel buildings in and around Ottawa. It has also been engaged in construction activities in Florida. Besides, the company is into land development, construction of single-family homes and town homes, and property management for retirement homes and rentals.
The Beginnings
Bill Malhotra recalls his early days while studying for civil engineering when his elder brother Ashok Malhotra was associated with a company in Ottawa, Canada. He wrote to his younger brother whether he was interested in joining his firm. Being a structural engineering company, the offer appealed to him and wished to go to Canada.
Bill Malhotra's father Narinder Nath Malhotra had acquainted himself with Geoffrey Pearson, who was the then ambassador. They went to the Canadian High Commission in New Delhi to meet with Pearson. And within a short time, without much inquiries the immigration papers were forwarded for processing. However, his brother informed him that he should wait for a year or so before he could immigrate to Canada, since the country's economy was not favourable.
Eventually, his brother contacted Bill and informed him that since the company had secured some projects he could join him. He arrived in Ottawa in October of 1971. He was received at the airport by his brother and sister-in-law. His previous work experience in an engineering consultancy firm in India helped him pick up his new job easily.
Initially, Bill Malhotra worked for Robert Halsall’s engineering firm. His long association with the company provided him valuable knowledge of approval processes and municipal staff. Before he left the firm to start his own business, he acquired and renovated several apartments, which gave him sufficient confidence to be an independent developer. He received a lot of encouragement and support from his father. Also, he received support and guidance from the then Ottawa City mayor, who ignited in him a liking for condos in the 1980s. He constructed his first condo, Clarence Court, in 1986. His first house was built in the early 1990s in Barrhaven's Longshire Village, a suburb of Ottawa. This set the ball rolling for Bill Malhotra, and soon he began to develop dozens of single-family houses and towns.
Claridge Homes
Claridge Homes, one of Ottawa's largest home builders, provides housing options for young professionals and families in Ottawa. The company operates several rental properties across Ottawa City, offering customers a variety of living options, catering to their everyday needs. With over 20 years of operational experience in the industry, the prestigious builder is committed to providing high-quality living standards for residents. It caters to all of Ottawa City's rental needs under one umbrella.
Claridge Homes is a reputed realty company wel known for its innovative design, quality craftsmanship, and exquisite locations. It has developed over 75 communities and 14,000 properties. Some of its notable projects include Claridge Icon, which is Ottawa's tallest residential building at 469 ft, while Claridge Moon is Ottawa's first condo development to include the LRT.
New Projects
Claridge Homes has plans to build a 15-storeyed, 220-room Courtyard for Marriott Hotel, near the oceanfront in Pompano Beach, Florida, US. The realtor has purchased the site for the project at 101 South Ocean Boulevard, which previously belonged to Bank of America, at $4.5 million.
Recently, the property in the city’s Atlantic Boulevard Overlay District was rezoned. The rezoning has allowed Claridge Homes to design a wider hotel, and build more rooms per floor at a height below the legal limit of 210 ft. The planned 15-storeyed hotel would be 178 ft tall. It also owns a site at 580 Briney Avenue, which was purchased in 2022 for $11.5 million. It plans to build a boutique condominium on the site called Ocean 580, designed as a 10-storeyed building with 17 units. Besides, it has plans to convert the old Bank of America building into a sales centre for the Ocean 580. The Ocean 580 is scheduled for completion by the end of 2026. Claridge Homes is also developing 3000 Waterside, an 18-storeyed, 129-unit condominium, at 3000 East Oakland Park Boulevard, Fort Lauderdale.
Bill Malhotra belongs to a close-knit family. He is married to Romina Malhotra, and the couple has two sons, Shawn and Neil. Both sons are associated with Claridge Homes in senior positions. Among his siblings, brother Rajendra Nath Malhotra, who worked in Chicago, US, has passed away, while another brother Rabindra Nath Malhotra is a retired mechanical engineer. His elder brother who brought him to Canada is a retired civil engineer. As per Forbes, Bill Malhotra ranks as the 1,544th wealthiest businessman globally, with an estimated net worth of $2.1 billion.
(Photo: Courtesy Claridge Homes)
Read Article: Medsurge's Salubrious Growth
No comments
Post a Comment