In Conversation With... Dr. Steve Gupta Founder and Chairman, The Gupta Group

When Dr. Steve Gupta immigrated to Canada from India in 1971, he had $108 in his pocket and little else but dreams and aspirations for a new life in his adopted country.

Now, more than 50 years later, the chairman of The Gupta Group is a recognized leader in the hospitality and condominium industries, building an award-winning organization with more than 25 hotels across Ontario and Quebec, as well as a number of signature highrise condos.

And never one to forget his humble beginnings, Dr. Gupta is also well known for philanthropy, including significant contributions right here in the GTA.

We spoke to Dr. Gupta to get a little more insight on his vision for his company, and for the development industry overall.

You arrived in Canada in 1971 with $108... What’s the story of what led you to come to Canada?

I initially arrived in Canada as a visitor, driven by a desire to explore new horizons. Visiting relatives here, I was struck by the country’s abundant opportunities and potential. Despite skepticism from friends and family back home in India, I was determined to carve out a path for myself in this promising country. When my visa was approved in just 20 days, I seized the chance to start a new life.

How old were you, and what did you do first?

I was 22 years old when I first set foot in Canada. I secured a job at an insurance company, leveraging my sales skills to become the top salesman in our branch within the first year. This early success laid the foundation for my journey in the business world. In 1973, after meeting my future wife, Rashmi Gupta, back home in India, we decided to settle in Toronto and establish our roots here.

How did you get into real estate development?

With my success in sales, I saved money and pondered the best investment opportunities. My father worked in construction and our family used to own construction trucks, so I knew a bit about these industries. I made friends with workers at a gas station in Port Hope. I remember thinking there was a strong business opportunity to make this more successful. I negotiated a business arrangement to purchase the gas station and brought in some investment partners to close the deal. I worked tirelessly to help realize the potential I saw in this gas station. Within a year and a half, we doubled the volume of diesel at the station. With a great cafeteria restaurant, it also became a popular destination for local residents on the weekend. This is how I became interested in buying property where I could see investment potential.

What do you consider your crowning achievement in real estate development?

Every new project I put my heart and soul into. Dundas Square Gardens was a huge achievement for the company. At the corner of Dundas and Jarvis, the property was an RCMP building the government had been trying to sell for 10 years. Fifty-seven developers made offers and walked away from the property, but I saw the potential and was relentless in my approach. When I heard about the property, I walked through the building a day later, and two days after that, I received the site plans. I stayed up all night calculating how many hotel rooms we could build and worked out the math. Within a day or two from there, we closed a deal.

We converted the RCMP building into The Comfort Suites City Centre, which was named International Hotel of the Year by Choice Hotels in 2003. Later, we demolished and rebuilt this into Dundas Square Gardens, a 55-storey condominium inspired by its beautiful Garden District setting and flanked by Allan Gardens to the north.

One of your current projects is Yonge City Square. How are things coming along there?

Yonge City Square is exceeding our expectations, with sales progressing exceptionally well. With its prime location and meticulously designed amenities, the project has been met with enthusiasm from investors and future residents alike. Backing onto the Don Valley Golf Course with a ninth-floor lavish terrace featuring an outdoor pool overlooking vibrant green landscapes, Yonge City Square will create a resort-like experience for residents.

What is it about this project that distinguishes it from others in the city… why should prospective buyers consider Yonge City Square?

Yonge City Square’s standout feature is its unparalleled location. It’s the first and only new development in the Hoggs Hollow neighbourhood in 20 years. It’s also uniquely positioned near other sought-after neighbourhoods such as Bedford Park, Bayview Village, Lawrence Park, Willowdale and the Bridle Path, and connects residents to diverse leisure, shopping, dining and entertainment options in all directions. It also provides direct access to the York Mills subway station, so residents can be in downtown Toronto or North York in minutes.

Who is the target demographic for this project?

We’re seeing a diverse mix of buyers interested in Yonge City Square. From investors recognizing its potential, to end-users seeking a convenient and luxurious lifestyle, the project appeals to individuals and families alike.

What’s your assessment of the GTA housing market these days? There seems to be more signs of things heating up, returning to the typical spring market rush, at least on the resale side… The challenges on the development side are a little more chronic…

Despite fluctuations, I firmly believe that real estate in Toronto remains a sound investment. While market conditions may vary, properties such as Yonge City Square hold immense value over the long term. With interest rates stabilizing and demand persisting, the future looks promising for both pre-construction and resale markets.

If you could advise the province, or even Ottawa, on housing policy, what would suggest they do, both now and over the longer term?

In the short term, the city and province need to come to a resolution that will speed up development approval timelines. Right now, the process slows down housing supply, which the city needs more than ever. Approvals can also take so long that from the time applications are submitted to when they are approved, the market will have completely changed and construction costs look very different, which can cause further delays.

I also believe fostering partnerships between the public and private sectors for land development can accelerate the delivery of new housing options. There is a lot of unused government-owned land that the government should be proactively seeking deals for, working with developers on solutions that will benefit the community.

What’s next for you, in terms of residential development?

Looking to the future, we have a strong pipeline of exciting developments coming soon. We have received approvals to develop new projects in Toronto with launch dates and further details yet to be announced. Many of these projects feature a mix of residential, hotel, retail and commercial space. The four approved projects will be at Yonge St. and Steeles Ave., Yonge St. and Davenport Rd., Bayview Ave. and Eglinton Ave., and King St. East and George St.

You’re well known for your philanthropic work. Why is that so important to you?

The Gupta Group believes not only in building communities but giving back to the people in those communities. We launched The Gupta Family Foundation to spread our message of hope and compassion. We believe that a single action can make a difference in the community, and that collective action can greatly impact the world. Through advocacy and outreach activities, our team passionately is driven each day to contribute their part to the greater good.

Any favourite charities or groups?

We are proud to support numerous hospital foundations. For example, we announced that The Gupta Group would donate $1,000 per unit sold at Yonge City Square to the Princess Margaret Cancer Hospital Foundation and will top off funds for a total donation of $1 million upon the final closing of condominium units.

We are also pleased to have donated $1 million in support of Ted Rogers School of Management at Toronto Metropolitan University because we feel that it’s important to educate the new generation who can change the future of our country.

Finally, we have a long-term commitment to the dearly loved Toronto International Film Festival, which we continue to support.

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& ON A PERSONAL NOTE...

What or who inspires you most?

My family is my greatest source of inspiration. Their unwavering support and strong values drive me to push boundaries and pursue excellence every day. Living in Canada, where diversity thrives, is also a constant reminder of the endless possibilities that lie ahead.

When you look at your early life, your arrival in Canada, what do you think about?

Reflecting on my journey from humble beginnings to where I am today fills me with gratitude. I never imagined in my wildest dreams this was where my career would take me. I’m amazed at how far determination and hard work can take you. My arrival in Canada marked the beginning of an incredible adventure, and I’m thankful for every opportunity I’ve had along the way.

What’s on your reading list?

Right now, I’m reading A Promised Land by Barack Obama. It’s inspiring because he came from a minority background and also worked hard to achieve his dreams. I recall him writing that if he could inspire even a few people, that would be his achievement. I very much hope I can do the same thing.

I also recently finished reading my daughter Reetu Gupta’s new book, Auspicious, available on amazon.ca. It’s an inspiring read about embracing the path toward courage, conviction and confidence.