Emaar to invest Rs 1k cr in G'gram housing project, targets 2.5k cr revenue

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Realty firm Emaar India will invest around Rs 1,000 crore to construct a new luxury housing project in Gurugram amid strong demand for premium residential properties.

The company has launched a new project 'Amaris' at Sector 62 in Golf Course Extension Road, Gurugram.

"We have launched a new housing project in Gurugram. We are getting a tremendous response from customers," Emaar India CEO Kalyan Chakrabarti told PTI.

He said the company will develop 522 apartments in this 6.2-acre project, with a development potential of 15 lakh square feet.

Asked about project cost, Chakrabarti said it will be around Rs 1,000 crore excluding land cost.

The total revenue potential from this project is estimated at around Rs 2,500 crore, he said.

"This project stands as a testament to Emaar's unwavering commitment to providing high-quality living spaces that align with our customers' needs and uphold the highest design standards," Chakrabarti said.

He said the project will be completed in the next five years.

"We are committed to delivering homes that are future-ready, environmentally conscious, and equipped with the best-in-class amenities and above all have a lighter carbon footprint," Chakrabarti said.

Emaar India is part of Dubai-based Emaar Group.

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.