Emaar India to invest Rs 1,600 cr on new housing project in Gurugram

Realty firm Emaar India will invest around Rs 1,600 crore to develop a new luxury housing project in Gurugram as part of its expansion plan amid strong demand for residential properties.

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

"We have launched a new housing project on Dwarka Expressway, Gurugram. It is a 9.2 acre luxury housing project where we will be developing 816 apartments," Emaar India CEO Kalyan Chakrabarti told PTI.

He said this project is under joint development agreement (JDA) with land owners.

"The total investment will be around Rs 1,600 crore to develop this green project," he said.

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

"This is our first launch this year. Urban Ascent is more than just a residential project'- it's a lifestyle crafted for those who seek comfort, convenience and a connection to nature," he 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.

Real estate consultant InfraMantra Founder Shiwang Suraj said there has been a good response from customers for Emnaar India's new project 'Urban Ascent'.

The expression of interests (EOIs) from customers is much more than the units offered by Emaar India, he added.

"The overall demand in Gurugram is strong, especially for good builders," Suraj said.

In November last year, Emaar India launched a new 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.

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 JV through demerger.