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As part of its development strategy, real estate developer Emaar India plans to invest Rs 900 crore over the next four years to build luxury housing projects in Gurugram, according to a top company executive.
The group housing project ‘Urban Oasis’, situated in Sector 62, Golf Course Extension Road in Gurugram, is home to 424 luxury residences that the firm, which is a subsidiary of Emaar Properties, based in Dubai, launched and has since sold.
Executive Chairman of Emaar India, Kalyan Chakrabarti, stated in a PTI interview, “We launched a residential project after a gap of almost four years, and were humbled by the response from the market.”
Emaar India Sells Out 424 Luxury Residences Amidst Strong Market Demand
Emaar India has made Rs 1,723 crore in income after selling all 424 of the apartments it had offered. For the 424 available properties, it got ten subscriptions totaling 4,259 expressions of interest.
He claimed that both end users and investors have a high demand for luxury real estate in all of the main cities, including Gurugram. Chakrabarti said that the project’s cost, excluding the cost of the land, would be around Rs 900 crore when asked.
“We are enlisted one of the largest audit firms E&Y for managing the process fairness and transparency, while leveraging the toughness of SFDC software for a rationalized registration process,” he explained further.
New Residential Projects On The Horizon For Delhi-NCR And North India
Regarding the current state of the projects, Chakrabarti stated that all legacy housing projects have been finished by the firm, and clients are receiving their possessions. He declared that the company’s primary goal would be to start new residential projects in Delhi-NCR and other North Indian locales where it possesses land bank.
In 2005, Emaar Properties and MGF Development of India ventured into the Indian real estate sector, with Emaar Properties investing Rs 8,500 crore through Emaar MGF Land, their joint venture.
Emaar India’s Journey From Joint Venture To Independent Success
Emaar Properties made the decision to terminate the JV via demerger in April 2016. According to Chakrabarti, the demerger process was finished in 2018, but there are still “some residual” problems with the former JV partner that need to be resolved.
“We are now looking forward to a solid performance ahead with respect to launches and with respect to taking care of some of the remaining problems that we are trying to solve,” Chakrabarti stated. Because of the economic expansion, the market environment has been favorable, he claimed.
But it’s evident that we wish to get ever-further. We will implement many of the initiatives that are in the works,” Chakrabarti stated.