Emaar plans Rs. 1,000-cr for realty project

    Emaar
    Adding to its project portfolio in the realty sector, the renowned property builder Emaar India plans to raise Rs.1,000 crore to meet construction investment as it targets to complete all the ongoing 50 projects over the next two years. The company has already raised Rs.2,500 crore debt of which, about Rs.1,500 crore was used to replace costlier debt. In April last year, Dubai-based Emaar Properties decided to end the 11 year-old joint venture with MGF Development through demerger process. Since then, Emaar India is focusing on execution of ongoing projects. The Dubai property major entered the Indian real estate market in 2005 and has invested Rs.8,500 crore through the joint venture firm Emaar MGF Land. According to sources, Emaar India is looking to raise debt of Rs.800-1,000 crore more to fund its projects. The company currently has a debt of about Rs.5,000 crore. Prior to this, Emaar India CEO Sanjay Malhotra had said that the company is focusing on delivery and will invest Rs.1,000 crore each in next two years to complete all its ongoing projects in cities like Gurgaon, Jaipur, Lucknow, Mohali, and Chennai comprising about 10,000 housing units.
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