Mumbai: The UAE-based Emaar Properties, a real estate giant popularly known for its iconic structures like the Burj Khalifa, is set to make a significant investment of up to Rs 2,000 crore in Mumbai and its surrounding areas over the next six to seven years. Despite having operated in India for nearly 20 years, the company has till now largely stayed away from the Mumbai Metropolitan Region (MMR).
As an initial step for its entry in Mumbai, Emaar has announced an 84-villa community in Alibag, a favored weekend retreat for Mumbaikars. The company plans to invest Rs 400 crore to build these villas on a 25-acre site, though the land purchase cost remains undisclosed. Chakrabarti noted that more than three-fourths of the land for the project, named ‘Casa Venero,’ will remain undeveloped. Villa prices will start at Rs 9 crore for a three-bedroom unit, reaching up to Rs 16 crore for a four-bedroom option.
Excited to enter Mumbai’s real estate market: Emaar CEO
In its statement on Monday, Kalyan Chakrabarti, the of CEO of Emaar India, expressed enthusiasm about entering the Mumbai market, emphasising its status as one of the country’s most dynamic real estate market.
Chakrabarti acknowledged the challenges posed by Mumbai’s high population density and indicated that Emaar is open to a variety of opportunities, including the redevelopment of existing societies and slum areas, alongside the new construction projects.
Rs 15,500 crore investment across India
Additionally, in addition to the Mumbai investment, Emaar plans to allocate around 1.85 billion Dollars (approximately Rs 15,500 crore) to various real estate developments across India during the same period. He assured that funding would not be an issue, thanks to backing from the parent company, which is eager to invest in the venture.
Company aims to target mid-market. luxury segments
As per the official statements, the company plans to target the mid-market and luxury segments in Mumbai, where apartment prices typically start at over Rs 4 crore. Emaar already operates in other Indian cities, including Hyderabad, Indore, and Mohali, with around 85 per cent of its revenue generated from the residential sector.
The selection of Alibag for this inaugural project is attributed to improved connectivity from the upcoming trans harbour link and the new airport. Emaar aims to complete the villas within three years, although the registration with the real estate regulator permits them up to five years for completion.
