Dubai-based Emaar Properties refuse to show any sign of economic slowdown. Pursuing aggressive growth plans, the developer is close to completing all existing projects and plans to foray into new property markets very soon.
Emaar Properties reportedly will continue to invest in the country’s real estate by further increasing its land bank and acquiring projects through joint venture. The company also has plans to enter the property markets of Mumbai and Pune.
“India is one of three important markets for us along with UAE and Egypt. We are here in India to stay and we will focus on growing the India business,” Emaar Properties CEO (International) Hadi Badri told PTI in an interview, Money Control reported.
Emaar is also in the process of monetizing non-core assets, including a hotel property in Jaipur. The company CEO also brought to light the fact that the company has sold over 90 per cent of its projects and handed over 80 per cent of units to customers and the remaining will be delivered over the next few months.
Emaar entered Indian real estate market in 2005 in partnership with MGF group. The developers invested close to Rs 8,500 crore through joint venture Emaar MGF Land Ltd. The join venture ended in April 2016 and demerger process is now completely over.
While the developer is reportedly not looking for a joint venture at the entity level, Badri said there could be partnerships at the project level. The company will continue to focus of mid-income and luxury segment and is not expected to foray into affordable housing anytime sooner.
Talking about entering in Mumbai and Pune real estate market, Badri declared that the company is looking for projects in Mumbai and Pune through joint venture as well as joint development routes. It would explore acquiring stressed projects provided those fit in with the company’s overall growth strategy.
As of now, Emaar Properties has 30 million sq ft of projects, including 25 million sq ft of residential projects, in its kitty. Residential projects comprise of 20,000 housing units and 1,000 acres of plotted development, mainly in Delhi-NCR, Mohali, Jaipur and Indore.
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