Updated December 17th, 2023 at 17:07 IST

Emaar India's Rs 900 crore investment: luxury housing expansion unveiled

Revamping Gurugram with high-end homes: Emaar India's four-year investment plan revealed.

Reported by: Business Desk
Representative Image | Image:Oberoi Realty

Revamping Gurugram with high-end homes: Emaar India's four-year investment plan revealed.
Emaar India, a realty firm under Dubai's Emaar Properties, is set to invest Rs 900 crore over the next four years for luxury housing projects in Gurugram as part of its expansion strategy, revealed a senior company official.
The company has successfully launched and sold 424 luxury homes within its 'Urban Oasis' group housing project located at Sector 62, Golf Course Extension Road in Gurugram.
Kalyan Chakrabarti, CEO of Emaar India, expressed gratitude for the market response to their residential project after a four-year hiatus. The 424 flats in the first phase generated Rs 1,723 crore in revenue, witnessing overwhelming demand with a 10-time subscription and 4,259 expressions of interest for the available homes.
Highlighting the robust demand for luxury homes in major cities, including Gurugram, Chakrabarti emphasised interest from both end users and investors.
Discussing project costs, Chakrabarti estimated them to be approximately Rs 900 crore, excluding land expenses. The company has engaged EY, a leading audit firm, to ensure process fairness and transparency while employing SFDC software for seamless registration procedures.
Regarding ongoing projects, Chakrabarti confirmed the completion of all legacy housing projects, with possessions being handed over to customers.
Emaar India aims to focus on launching more residential projects in Delhi-NCR and other North Indian regions where it holds land reserves.
In 2005, Emaar Properties initiated its presence in the Indian real estate market through a partnership with India's MGF Development, investing Rs 8,500 crore via the joint venture Emaar MGF Land. Subsequently, in April 2016, Emaar Properties opted for a demerger from the JV.
While the demerger concluded in 2018, Chakrabarti noted some residual issues with the erstwhile JV partner, which are currently under resolution. Anticipating a strong performance ahead, Chakrabarti emphasised future launches and resolving outstanding concerns for the company's trajectory.

(With PTI inputs)

Published December 17th, 2023 at 17:07 IST