Emaar India intends to invest $1 billion to construct real estate projects in the Nation

By Bricksnwall | 2024-02-29

Emaar India intends to invest $1 billion to construct real estate projects in the Nation

The second phase of Emaar India's luxury project, for which it is investing over ₹900 cr, is expected to premiere in six months. The project was launched in Gurugram last year.

Emaar India, a real estate developer, intends to invest roughly $1 billion over the next four to five years to launch approximately 8 to 10 million square feet this year. According to HT Digital, Kalyan Chakrabarti, CEO of Emaar India, about 80% of the projects will be in Gurugram.

At the moment, the company operates out of five locations: Jaipur, Indore, Gurugram, Lucknow, and Mohali. In Ludhiana, it hasn't started any projects yet.

"At this time, we plan to expand solely in the cities where we have historically been present. However, we intend to buy land in a few other locations. We want to debut in 8 to 10 million square feet this year, mostly in current areas. This corresponds to about eight to ten projects at current locations. The majority of our launches will take place in Gurugram, with prices starting at ₹8000 per square foot, he said to HT Digital.

The company last year announced a premium project in Sector 62, Gurugram, for which it is spending over ₹900 crore over four to five years. It is anticipated that the project's second phase will begin operations within the next six months.

"There were 424 units in the first phase, and there should be about 60 in the second. The corporation has invested almost ₹60 crore for the first phase out of the ₹900 crore, according to Chakrabarti.

"Over four to five years, the project Urban Oasis will require development costs of ₹900 crore. According to him, up to 85% of the funds are allocated to the first phase and 15% to the second.

Phase 1 of the project will occupy about 7 lakh square feet. According to him, sales revenue from both phases should total about ₹2000 crore.

80% of the 9.35 acres that make up the project have already been launched. Additionally, the project includes 50,000 square feet of commercial and retail space.

Additionally, the business has started work on the EBD (Emaar Business District) commercial project in Gurugram's sector 83. The project spans 0.14 million square feet, and the corporation plans to invest around ₹150 crore in it. According to him, the project is estimated to generate close to ₹330 crore in sales income.

According to him, the company has more land banks in Gurugram, and several projects are awaiting permission.

Additionally, the business is thinking about starting a greenfield project in Mumbai.

As of now, there are no plans for Bengaluru or Noida.

Regarding the current state of the projects, Chakrabarti stated that all legacy housing projects have been completed by the company, and clients are receiving their possessions.

95% of the projects have been turned over by the corporation after the demerger. He remarked, "Last year we handed over close to 2400 housing units," noting that these were in the company's earlier Indian operations. Five projects are presently being built, compared to 21 projects that were under construction at the time of the demerger. The remaining sixteen projects are finished and delivered.

In 2005, Emaar Properties and MGF Development jointly ventured into the Indian real estate sector, with Emaar Properties investing ₹8,500 crore through Emaar MGF Land, their joint venture. Emaar Properties decided to demerger to terminate the joint venture with MGF in April 2016. Court cases were also encountered by the company. The demerger was approved by the NCLT in 2018.

Chakrabarti provided an update on the retail project in Srinagar, stating that talks over land are still ongoing. "Investment of almost a million dollars is anticipated." By this year's second quarter, the land's specifics should be completed, he stated.

Source: Hindustan Times