Emaar expects Rs 3,400 cr revenue from luxury housing project in Gurugram

Realty firm Emaar India is expecting around Rs 3,400 crore revenue from its newly launched luxury housing project in Gurugram.

Emaar India, which is part of Dubai-based Emaar Properties, has recently launched a housing project 'Urban Ascent' in Sector 112, Gurugram.

Emaar India CEO Kalyan Chakrabarti said the company will develop 816 apartments in this 9.2-acre luxury housing project.

He said this project is under a joint development agreement (JDA) with land owners. "The total investment will be around Rs 1,600 crore to develop this green project," he said.

The sales bookings value is estimated at around Rs 3,400 crore, Chakrabarti said.

The company is selling apartments in a price range of Rs 2.5 crore to Rs 6 crore.

The project will be completed in the next four-five years.

Chakrabarti noted that housing demand continues to be strong in Delhi-NCR from end-users as well as investors.

Gurugram-based brokerage firm V S Realtors founder Vijay Harsh Jha said the demand for the recent Emaar India project on Dwarka Expressway has been very high and the company received higher expression of interests (EOIs) from customers than the total units offered.

The completion of Expressway is one of the major factors for high demand in this region, he added.

In November last year, Emaar India launched a project 'Amaris' at Sector 62 in Golf Course Extension Road, Gurugram, with a total investment of Rs 1,000 crore excluding land cost.

The company is developing 522 apartments in this 6.2-acre project, with a development potential of 15 lakh square feet.

According to housing brokerage firm PropTiger, sales of residential properties in Gurugram more than doubled to 4,864 units in the October-December quarter 2024 from 1,995 units in the year-ago period.

Emaar India has a portfolio of residential and commercial spaces across Delhi-NCR, Mohali, Lucknow, Indore and Jaipur.

Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land.

In April 2016, Emaar Properties decided to end the joint venture through demerger.