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Emaar India to continue borrowing in FY18 despite Rs 500-cr debt

Firm's overall debt stands at over Rs 5,000 cr

Press Trust of India  |  New Delhi 

Emaar India

Realty firm has raised about Rs 500 crore debt so far in the current financial year and plans to raise another Rs 500 crore by March 2018 to meet construction cost of its ongoing and upcoming projects.

Dubai-based Properties entered Indian real estate market in 2005 in partnership with India's and invested Rs 8,500 crore through joint venture firm MGF Land. However, in April last year, it decided to end this JV.

has been focusing on execution of ongoing projects since the initiation of demerger process, which is pending before the Tribunal (NCLT).

"We have raised about Rs 500 crore since April this year from different banks and we have plans to borrow another Rs 500 crore," CEO told PTI.

The company has raised more than Rs 3,000 crore debt since the two decided to end their partnership to complete ongoing projects and replace costlier debt.

The company has a debt of over Rs 5,000 crore.

is targeting to deliver 11,000 units by 2018 -19 fiscal and has ramped up workforce at sites to around 16,000 labourers to complete existing projects.

"Our complete focus in on delivery. The company has got occupancy certificates for 2,600 units in last 15 months and has applied for another 3,000 units," he said.

With some revival in demand for ready-to-move-in properties, has decided to launch six projects, comprising 1,600 units, in Gurugram this fiscal with an estimated investment of Rs 1,200 crore.

"We are seeing a lot of traction for ready-to-move-in units and those nearing completion. So, we have decided to launch six projects in next six months comprising 1,600 units," Malhotra had said earlier.

The company will launch five housing projects and one commercial project in Gurugram.

has about 50 ongoing projects in Gurugram, Jaipur, Lucknow, Mohali and Chennai. The company has raised debt and engaged various construction to complete these projects.

Malhotra had said in May that Rs 2,000 crore would be invested over the next two years to complete all its ongoing 50 projects.

First Published: Sun, October 22 2017. 14:22 IST
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