Emaar India to invest Rs 900 crore to develop luxury housing project in Gurugram: CEO

Emaar India has sold out all 424 flats launched in the first phase for Rs 1,723 crore in revenue. It received 10 times subscription with 4,259 expression of interests for the 424 homes available.

Realty firm Emaar India will invest Rs 900 crore over the next four years to develop a luxury housing projects in Gurugram as part of its expansion plan, a top company official said. The company, which is part of Dubai-based Emaar Properties, has launched and already sold 424 luxury homes in its group housing project ‘Urban Oasis’ located at Sector 62, Golf Course Extension Road in Gurugram.

In an interview with PTI, Kalyan Chakrabarti, CEO of Emaar India, said, “We launched a residential project after a gap of almost four years, and were humbled by the response from the market.” Emaar India has sold out all 424 flats launched in the first phase for Rs 1,723 crore in revenue. It received 10 times subscription with 4,259 expression of interests for the 424 homes available.

He said the demand for luxury homes in all major cities including Gurugram is very strong from both end users and investors. Asked about the project cost, Chakrabarti said it will be around Rs 900 crore excluding cost of the land.

“We enlisted one of the big-4 audit firms — E&Y — for overseeing the process fairness and transparency, while leveraging the robustness of SFDC software for a streamlined registration process,” he said. On the status of existing projects, Chakrabarti said the company has completed all legacy housing projects and the possessions are being given to customers.

He said the company would focus on launching more residential projects in Delhi-NCR and other locations in North India where it has land bank. 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. Chakrabarti said the demerger process got completed in 2018, although “some residual” issues are still there with the erstwhile JV partner and being sorted out.

“We are now looking forward to a solid performance ahead with respect to launches and with respect to taking care of some of the residual problems that we are trying to solve,” Chakrabarti said. The market scenario has been kind because of the economic growth, he said.

“However, it’s clear that we want to develop more and more. There are a lot of projects in the pipeline that we will bring,” Chakrabarti said.

#Source – Moneycontrol