Emaar Bull eyes India’s market, may form pact with joint ventures to develop new projects
Dubai-based Emaar Properties is planning to invest in India’s real estate space by developing its land bank and obtaining joint venture projects. The companny is currently in talks with potential joint venture partners and is eyeing two major property markets in India – Mumbai and Pune. Since Emaar is close to completing all its existing projects, it is planning to launch new ones as well as monetise non-core assets.
The company has not yet disclosed any investment figures however it is committed to Indian market which has huge investment and growth potential.
It aims to foray the mid-income and luxury housing segment. Emaar Properties CEO Hadi Badri said that the company may also form joint venture with investment firms to develop commercial projects on its land bank.
The company is eyeing projects in Mumbai and Pune under joint development agreements with local players having land banks at good locations. It is also looking into acquiring stressed projects provided that they are at par with the company’s overall growth strategy.
The property development company entered Indian real estate market in 2005 in partnership with MGF group and invested Rs 8500 crore through joint venture Emaar MGF Land Ltd. The joint venture was ended in April 2016. Ever since its business establishment, Emaar India has launched over 30 million sq ft of projects more than half of which are residential projects. The latter constitutes around 20,000 dwelling units and 1000 acres of plotted land development projects, mainly in Delhi NCR, Mohali, Jaipur and Indore. Post-demerger, the company has nearly 4500 acres of land bank across India.
The company has sold over 90 percent of its projects in around and has handed over around 80 percent of the housing units to the customers. It hopes to complete all the ongoing projects by March 2020.