Emaar plans Rs.2,000-cr realty projects

Realty major Emaar India will invest Rs.2,000 crore over the next two years to complete all its ongoing projects across the country, official sources said, adding that the Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and invested Rs.8,500 crore through the joint venture firm Emaar MGF, CEO of Emaar India, Sanjay Malhotra said, adding that the company has about 50 ongoing projects in Gurgaon, Jaipur, Lucknow, Mohali, and Chennai, comprising about 10,000 housing units and has already put in place all the mandatory clearances. The company is targeting to hand over all 10,000 units in the next two years and the funds worth Rs.1,000 crore each will be infused in the current and next financial year on the construction of the targeted projects for which it has raised Rs.2,500 crore debt in last one year, of which about Rs.1,500 crore was used to replace costlier debt and rest on construction.

Published: 10 May 2017