Emaar lines up six new projects in Gurugram, invests Rs. 1200 cr

ANI | Updated: Oct 10, 2017 15:32 IST

New Delhi [India], Oct. 10 (ANI): Emaar India a global property developer plans to add six new projects in the National Capital Region with an investment of Rs. 1200 crore, following the recent launch of 'Emaar India Sales Centre' at Digital Greens, Sector 61, Golf Course Extension Road, Gurugram.

"We have expedited all our projects to be able to deliver close to 11,000 units by March 2019. This would complete all our existing projects," said Emaar India chief executive officer, Sanjay Malhotra at the company sales centre launch.

"There has been a revival in the consumer sentiments for quality products and the resultant impact is felt on the demand for residential real estate projects. In line with its growth strategy, market potential and customer needs, Emaar India is gearing up for launching 1600 units over the next six months," added Sanjay.

Post the initiation of demerger process last year, Emaar India had raised Rs. 2,500 crore to expedite execution and completion of its ongoing projects. In line with its focus, the company is committed to deliver 11,000 units by FY 2019 beginning with delivering over 3,000 units in the year 2017 itself. To achieve this target, the project teams have been revamped and labour deployment has been increased to more than 15,000 at various project locations within a short span of time.

Emaar India has already received Occupancy Certificates for 2600 units in the last 15 months, and has applied for occupancy certificate of another 3,000 units.

According to a report by Cushman and Wakefield, affordable housing segment has demonstrated strongest trends to record a 27 percent increase in the new units launched in these cities. More than 26,000 new units have been launched in 2017 so far. Of the total new launches in affordable units, 40 percent were in Mumbai (10,500 units), followed by Kolkata and Pune. All other categories have seen a decline with high-end (-66 percent) and luxury (-84 percent) segments witnessing a significant drop in new launches.

The report said with Government of India's focus on "Housing for All", affordable housing segment is expected to continue its momentum. The segment caters to the unmet demand of a large section of the Indian population looking for affordable housing options. (ANI)