Gurugram has always been a center of attraction for the investors and now Emaar India is planning to invest in the real estate projects. It is believed that the company will invest billions of dollars in the next 4 to 5 years. Emaar is planning to commence a luxurious project in Gurugram which is estimated around ₹900 crore. Emaar India CEO, Kalyan Chakrabarti has stated that Emaar India will start development of 8 to 10 mn sq ft in 2024 and will close it in next 4 or 5 years. He further added that the company is hoping to acquire land on new locations but they are focusing on developing the cities they are currently present in.
Emaar India is present in Lucknow, Mohali, Indore, Gurugram and Jaipur. However, it is not present in Ludhiana. The company is focused to continue to develop in its existing markets which comes around 9 or 10 projects. Maximum development is expected to take place in Gurugram and the cost of the developed land is proceed at 8000 per sq ft. The company has a proven track record which requires no advocacy. Last year only, it launched a project worth ₹900 crore in sector 62 of Gurugram and expects to deliver it in 4 years. The company is soon going to launch the second phase of the project in the upcoming six months.
Emaar will Invest Billion Dollars in India
The project will have 424 units in the first phase and 60 units in the second phase. Out of ₹900 crore, Emaar has already spent 60 crore which is around 85% allotted for the development of the first phase. In six months, the company has spent 60 crore rupees out of ₹900 crore. The remaining 15% of the amount has been reserved for the second phase. The entire development will be completed in 4 to 5 years. 60 crore is allotted for the development of 7 lakh sq ft in the first phase. Both phases are estimated to bring revenue of ₹2000 crore. The entire project sprawls over 9.35 acres 80% of which is being developed in full swing. Around 50,000 sq ft. is allotted to the retail as well as commercial space within the project. The luxurious property is soon going to fetch promising results for the developer and high-end lifestyle for the buyers.
Along with this, a commercial project named Emaar Business district has also been launched by the company in sector 83, Gurugram. An area of 0.14 mn sq ft has been dedicated for this project. The company will invest 150 crore on this project and expect to generate a sales revenue of ₹330 crore. It is the time when developers are utilizing the available land bank in Gurugram and dedicatedly developing the city. Emaar is rigorously working in Gurugram and has various projects lined up. It is also hoping to launch a greenfield project in Mumbai but has no plans for Noida or Bengaluru as of now. The company has a dedicated team to take care of legal activities. All the ongoing projects have received their approvals and possessions have been given to the customers.
Emaar has a track of timely delivery and satisfied customer lists. Last year the company handled 95% of the projects. CEO Chakrabarty has stated that the company has given possession of 2400 housing units last year. The delivered projects were initially handled by the previous company, MGF Development. The processes were handled meticulously post the demerger of the company. In 2005, Emaar properties joined hands with MGF Development in India and invested ₹8,500 crore in Emaar MGF Land. Due to some differences, Emaar decided to end the joint venture and took charge of completing all the pending projects and settled the court case too. Around 25 projects were under-construction at the time of demerger which is now reduced to 5 projects only. The company has successfully completed and delivered 16 projects.
The company is also planning to start its projects in Srinagar and the discussions related to land buying and legalities of the development are ongoing. A millions deal is expected to get close by the end of the second quarter of 2024. Once these discussions are closed on a positive note then Srinagar will also witness the growth and potential in the real estate sector.
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