Realty firm Emaar India 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 Emaar Properties entered Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through joint venture firm Emaar MGF Land. However, in April last year, it decided to end this JV.
The company has raised more than Rs 3,000 crore debt since the two companies decided to end their partnership to complete ongoing projects and replace costlier debt.
The company has a debt of over Rs 5,000 crore.
Emaar India 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, Emaar India 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.
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.