Emaar India Invest $1.85 Billion in two Years to Achieve Targets
Emaar India, the local arm of Dubai's Emaar Properties, plans to invest a minimum of $1.85 billion over the next two years in order to accomplish in 21 months what took them 21 years, according to Kalyan Chakrabarti, CEO of Emaar India. Over the next two years, the company plans to release approximately 10 million square feet of real estate, expanding its presence in key markets such as Mumbai, Pune, Bengaluru, and Hyderabad.
"Over the next 21 months, we would like to repeat what we have done over the last 21 years." So far, we've launched 24,500 units, a mix of apartments, floors, plots, and offices; our goal is to do the same in the next 24 months," Chakrabarti said.
In a recent interview with ET, Mohamed Alabbar, founder of Emaar Properties, said that the company intends to increase its focus on India. However, the investment by the company would be much higher and it plans to invest $100 million in one project. The company recently launched 424 units on the Golf Course extension, almost four years after its last launch in 2019.
"Over 4,000 applications were received." The entire process went smoothly, from the time the expression of interest (EoI) was collected to the time the allotment letter was issued," the executive said.
EY is the company's process assurance provider, a first in the industry. The project spans 9.53 acres and has a total development area of 1.2 million square feet. Emaar expects the project to generate approximately 2,000 crore in revenue.