Dubai based Realty developer Emaar’s Indian subsidiary- Emaar India, has recently announced to complete and deliver 10,000 housing units by 2019 end. The company stated that they will be finishing all the previously delayed projects with the help of funds they have gathered from various banks for faster development.
In a recently concluded meeting between Emaar India’s new CEO Prashant Gupta and other company officials, it was proposed that the overall construction cost of these 10,000 units will be between Rs 800-1, 000 crore.
Giving more information on the decision, Prashant Gupta said, “funds of approximately Rs 500 crore have been already been obtained from NBFCs and banks while rest will be covered via internal accruals.”
He further said that these ten thousand units mainly include residential apartments, villas, and plots with a few shops too. We have released possession letter for 2000 units to the buyers, while rest other are in the queue.
With this announcement, Emaar India is now emphasizing on timely completion of projects and this will provide relief to many home buyers. The Emaar group entered the real estate market of India in 2005 in partnership with India’s MGF group and invested Rs 8,500 through joint venture Emaar MGF Land.
The Emaar group is known for developing different categories of real estate properties like residential, shopping malls, retail, hospitality, and leisure. The company today has created world-class residential and commercial projects spaces in Gurugram, Delhi, Mohali, Lucknow, Jaipur, Indore and Chennai. Some of the benchmark projects which Emaar India has created include Marbella, Digital Greens, Emerald Hills, The Palm Drive, The Palm Springs, Commonwealth Games Village, Palm Hills, Palm Terraces Select, Gurgaon Greens, Imperial Gardens, and The Palm Springs Plaza.