Unveiled: Emaar India to invest Rs 900 crore to develop luxury housing projects

"Emaar India, a real estate company under Dubai's Emaar Properties, intends to invest Rs 900 crore in the next four years to construct high-end housing in Gurugram as part of its growth strategy. Their 'Urban Oasis' project at Sector 62, Golf Course Extension Road, has already seen success, selling out 424 luxury homes.

CEO Kalyan Chakrabarti expressed gratitude for the market response after a four-year hiatus in launching residential projects. The initial 424 flats generated revenue of Rs 1,723 crore, attracting 10 times more interest than available homes.

Chakrabarti highlighted strong demand for luxury residences in major cities, including Gurugram, from both buyers and investors. The project cost, excluding land expenses, is estimated at Rs 900 crore.

Employing E&Y for oversight and SFDC software for registration efficiency, the company ensures process transparency. Chakrabarti confirmed the completion of prior projects, with possessions handed over to customers.

Future plans involve launching more residential projects in Delhi-NCR and other North Indian locations where the company holds land. Emaar Properties commenced its Indian real estate journey in 2005 through a partnership with MGF Development, investing Rs 8,500 crore via the joint venture, Emaar MGF Land."