A senior official of Emaar India has announced that the real estate company is planning to invest Rs 900 crore over the next four years for the development of luxury housing project in Gurgaon as part of its expansion strategy. As a subsidiary of Dubai-based Emaar Properties, the company has already introduced and successfully sold 424 luxury homes within its group housing project, ‘Urban Oasis,’ situated at Sector 62 on the Golf Course Extension Road in Gurgaon.
In an interview with PTI, Kalyan Chakrabarti, the CEO of Emaar India, stated “We launched a residential project after a gap of almost four years, and were humbled by the response from the market.”
Emaar India has successfully sold all 424 apartments from the initial phase, generating revenue amounting to Rs 1,723 crore. The high demand was evident as the company received a tenfold subscription, with 4,259 expressions of interest for the 424 homes that were on offer.
He noted that there is robust demand for luxury homes in major cities, including Gurgaon, from both end users and investors.
In response to questions about the project’s expenses, Chakrabarti mentioned that the estimated cost would be approximately Rs 900 crore, excluding the cost of the land.
He said “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.”
Regarding the progress of ongoing projects, Chakrabarti affirmed that the company has successfully concluded all existing housing projects, with possessions being handed over to customers.
He indicated that the company’s future emphasis would be on introducing additional residential projects in the Delhi-NCR region and other areas in North India where it possesses land.
Emaar Properties made its foray into the Indian real estate market in 2005 through a partnership with India’s MGF Development. Channeling investments amounting to Rs 8,500 crore via the joint venture entity Emaar MGF Land.
In April 2016, Emaar Properties opted to terminate the joint venture through a demerger.
“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.
