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Emaar to launch 6 projects in Gurugram, invest Rs 1,200 cr

Press Trust of India  |  New Delhi 

Realty firm Emaar will launch six projects, comprising 1,600 units, in Gurugram this fiscal with an estimated investment of Rs 1,200 crore as it sees demand reviving for ready-to-move-in properties.

Emaar India, part of Dubai-based Emaar Properties, has been focusing on execution of ongoing projects after it decided in April last year to end joint venture with MGF.

"We are seeing 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," Emaar CEO Sanjay Malhotra told PTI.

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

Malhotra did not share the investment to be made in these projects.

However, sources said the total cost on development of these six projects could be around Rs 1,200 crore over the next four years.

Malhotra said the company has got occupancy certificates for 2,600 units in last 15 months and has applied for another 3,000 units.

Emaar 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.

Malhotra said the company is launching today sales centre in Gurugram to showcase latest offerings to the customers and also extend various services.

Emaar India said it has recently became signatory to the UN Global Compact, a global voluntary initiative by the United Nations to promote value system and principled approach of doing business.

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 their 11- year old JV through demerger process, which is pending before (NCLT).

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

In May, Malhotra had said the company has raised Rs 2,500 crore debt, of which about Rs 1,500 crore was used to replace costlier debt and rest on construction.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, October 09 2017. 17:57 IST