Emaar speeds up Rs.2,500-cr projects

The Dubai-based realty major Emaar Property’s arm Emaar India has recently generated Rs.2,500 crore to expedite and complete its ongoing projects on fast-tracked basis. Emaar recently revamped its project management team in an effort to hasten its realty projects which were stuck due to uncertainty over the fate of this partnership but following the initiation of demerging its India partnership venture, it is going all out to complete the task as quickly as possible. Dubai-based Emaar Properties PJSC, which had made the then largest FDI of over Rs.7,000-crore in its real estate joint venture Emaar MGF Land in 2005-06, has parted ways with its Indian partner MGF Developments. Under the separation plan expected to be concluded by April end, Emaar India will get control of most of the 55 ongoing or partially completed projects and is trying to expedite and deliver these as quickly as possible. The sub-projects are part of the total 30 projects with approvals. The developer is aiming to deliver all the ongoing projects over the next 24-30 months. For this, the company has increased its labor count at project sites and has received occupation certificate (OC) for 1,000 units last year and it expects to receive the same for another 4,000-4,500 units in 2017, claimed a source.