Emaar India aims Rs 900 crore luxury housing project in Gurugram: CEO
Real estate company Emaar India is set to invest Rs 900 crore over the next four years for the development of luxury housing projects in Gurugram as part of its expansion strategy, according to a senior company official. Emaar India, a subsidiary of Dubai-based Emaar Properties, has successfully launched and sold 424 luxury homes in 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 positive market response to their residential project, marking a return to such developments after a hiatus of nearly four years. The first phase of the project, generating revenue of Rs 1,723 crore, witnessed all 424 flats being sold out, with a remarkable 10 times subscription and 4,259 expressions of interest for the available homes.
According to Kalyan Chakrabarti, the CEO of Emaar India, there is substantial demand for luxury homes in major cities, including Gurugram, from both end users and investors. When queried about the project's cost, Chakrabarti mentioned that it would amount to approximately Rs 900 crore, excluding the land cost. He highlighted the company's commitment to fairness and transparency in the project by engaging a major audit firm (E&Y) and utilizing robust SFDC software for efficient registration processes. Regarding existing projects, Chakrabarti confirmed the completion of all legacy housing projects, with possessions being handed over to customers. The company's future focus will be on launching additional residential projects in Delhi-NCR and other locations in North India, where it holds a land bank.
Emaar Properties made its entry into the Indian real estate market in 2005 through a partnership with India's MGF Development, investing Rs 8,500 crore in the joint venture firm Emaar MGF Land. In April 2016, Emaar Properties opted to terminate the joint venture through demerger. Kalyan Chakrabarti noted that while the demerger process concluded in 2018, some lingering issues with the former joint venture partner still exist and are being resolved. Looking ahead, Chakrabarti expressed optimism about the company's performance, including new launches and the resolution of remaining challenges. He credited favourable market conditions to economic growth and emphasized Emaar's commitment to further development with numerous projects in the pipeline.