Gurugram, Emaar India, a subsidiary of Dubai-based Emaar Properties, plans a substantial investment of Rs 900 crore over the next four years for the development of luxury housing projects in Gurugram. The realty firm has already witnessed success with its ‘Urban Oasis’ project in Gurugram, having sold all 424 luxury homes in the first phase, generating revenue of Rs 1,723 crore.
CEO of Emaar India, Kalyan Chakrabarti, stated that the demand for luxury homes is robust in major cities, including Gurugram, from both end users and investors. The company has strategically re-entered the residential project market after a hiatus of almost four years, and the overwhelming response from the market has been humbling.
Chakrabarti emphasized that the project cost, excluding the cost of the land, is estimated to be around Rs 900 crore. The company has undertaken measures for transparency, employing the services of the audit firm E&Y to oversee fairness and transparency in the process.
Regarding existing projects, Chakrabarti assured that all legacy housing projects have been completed, and possessions are being handed over to customers. Emaar India aims to focus on launching more residential projects in Delhi-NCR and other locations in North India, where it holds a land bank.
Emaar Properties entered the Indian real estate market in 2005 through a joint venture with India’s MGF Development. The demerger process with its erstwhile JV partner was completed in 2018, and the company is optimistic about future launches and addressing residual issues.
