Emaar India, a real estate company, is set to invest Rs 900 crore in the next four years for a luxurious housing project in Gurugram. As part of its growth strategy, the firm, affiliated with Dubai’s Emaar Properties, has successfully introduced and sold 424 high-end homes in the ‘Urban Oasis’ project at Sector 62, Golf Course Extension Road in Gurugram.
Speaking to PTI, Emaar India’s CEO, Kalyan Chakrabarti, shared, “After nearly four years, we introduced a residential project, and the market response has been overwhelming.” The first phase of the project, featuring 424 flats, has been completely sold out, generating revenue of Rs 1,723 crore. The demand was remarkable, with 10 times the subscription and 4,259 expressions of interest for the available 424 homes.
Chakrabarti mentioned that there is a robust demand for luxury homes in major cities, including Gurugram, from both individuals looking to live in them and investors. When questioned about the project cost, he stated that it is estimated to be around Rs 900 crore, not including the cost of the land.
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“We’ve partnered with a major audit firm, E&Y, to ensure fairness and transparency throughout the process. Additionally, we’re using SFDC software for a smooth registration process,” shared Chakrabarti. Regarding ongoing projects, he mentioned that all previous housing projects are finished, and customers are receiving their possessions.
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Chakrabarti stated that the company’s future emphasis will be on introducing additional residential projects in Delhi-NCR and other parts of North India where it owns land. Emaar Properties initially entered the Indian real estate scene in 2005 in collaboration with India’s MGF Development, investing Rs 8,500 crore through their joint venture, Emaar MGF Land.
In April 2016, Emaar Properties chose to conclude the joint venture through a demerger. According to Chakrabarti, the demerger was finalized in 2018, but there are still some remaining matters to address with the former joint venture partner, and these are currently being resolved.
Chakrabarti expressed optimism about the future, stating, “We are eager for successful launches and resolving any remaining issues. The market conditions have been favorable due to economic growth.
Clearly, our goal is to expand further. We have numerous projects in the works that we plan to introduce,” remarked Chakrabarti.
