CEO Kalyan Chakrabarti, ET RealEstate

October 16, 2023

Emaar India, the local arm of Dubai’s Emaar Properties, is set to invest a minimum of $1.85 billion over the next two years with plans to achieve in just 21 months what took them 21 years, Kalyan Chakrabarti, CEO of Emaar India, told ET.

The firm intends to release around 10 million square feet of real estate over the next two years, expanding its presence into key markets including Mumbai, Pune, Bengaluru, and Hyderabad.

“We would like to repeat what we have done in the last 21 years over the next 21 months. So far, we have launched 24,500 units, a combination of apartments, floors, plots, or offices; our target is to repeat all of that in the next 24 months,” Chakrabarti said.

In a recent interview with ET, Mohamed Alabbar, founder of Emaar Properties, said that the company intends to increase its focus on India.

However, the investment by the company would be much higher and it plans to invest $100 million in one project.

The company recently launched 424 units on the Golf Course extension, almost four years after its last launch in 2019.

“We received over 4,000 applications. The entire process, from the time of expression of interest (EoI) collection up to the time the allotment letter was given, happened smoothly,” the executive said.

The company has EY as their process assurance provider, a first in the industry.

The project is spread over 9.53 acres with a total development area of 1.2 million sq ft, and Emaar is expecting a revenue of approximately ₹2,000 crore from the project.

  • Published On Oct 16, 2023 at 09:28 AM IST

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