Emaar India Open to Group Housing Projects in Mumbai, Plans Rs 2,000 Crore Investment in the Region

2024-10-23 02:29:52

Emaar India has so far developed projects in the National Capital Region, Mohali, Hyderabad, Indore, and other locations, some in partnership with its former joint venture with the MGF group.

Real estate developer Emaar India is now open to exploring group housing projects in the Mumbai metropolitan region, with plans to invest approximately Rs 2,000 crore in a variety of projects, according to CEO Kalyan Chakrabarti during an interview with Moneycontrol. Chakrabarti spoke following the company's announcement of its entry into the Mumbai market with the Casa Venero villa development in Alibaug.

“We’ve already done villa projects in our other Indian markets. When the opportunity arose for a villa project in Alibaug, we seized it as a way to enter the Mumbai market. We are also open to pursuing group housing projects across different markets in Mumbai, and we plan to stay for the long term,” Chakrabarti stated.

Emaar India’s past projects have been developed in regions like the National Capital Region, Mohali, Hyderabad, Indore, and more, with some being part of a previous joint venture with the MGF group.

Alibaug Project

The Casa Venero project will feature 84 custom villas on a 25-acre plot near Alibaug, with prices ranging from Rs 9 crore to Rs 15 crore. The project is slated for completion within three years.

The area has become a hotspot for villa and land development, particularly targeting second-home investments by high-net-worth individuals. Other major players in the area include the House of Abhinandan Lodha, which has a plotted development project in Alibaug. Many investors have chosen these locations for primary or secondary homes, while others have converted properties into homestays for commercial use, given Alibaug's popularity as a weekend getaway for Mumbai residents.

Investment Plans

Chakrabarti noted that Emaar India is investing around Rs 400 crore into the Casa Venero project, excluding land costs, with anticipated sales of about Rs 700 crore. While details on future Mumbai projects were not disclosed, Chakrabarti mentioned that key micro-markets in the city are being evaluated, and potential deals are under review.

Emaar is renowned for its landmark commercial and residential projects in Dubai, such as the Burj Khalifa and the Dubai Mall. With the growing number of Indian investors in the Dubai real estate market, Chakrabarti suggested that the company might explore opportunities to attract Indian investments into both the Dubai and Indian real estate sectors.