Real estate developer Emaar plans to invest at least Rs 2,000 crore in the Mumbai market over 6-7 years as it looks to expand into this sprawling megapolis, where it sees huge growth potential.
The Dubai-based company, which has developed iconic projects like the Burj Khalifa, has already announced plans to invest around $1.85 billion in India over the next 6-7 years, Kalyan Chakrabarti, CEO of Emaar India said on Monday.
Emaar India has already developed projects across six cities in India, including Gurugram, Mohali, Lucknow, Indore, Jaipur and Hyderabad.
It is now entering the Maharashtra market with a luxury villa project in Alibaug in Raigad district near Mumbai.
"As far as Mumbai is concerned, it's core to our thinking. This is the deepest and largest real estate market (in the country) and is going to be so for several decades. The economic activity that is coming out of Mumbai, the type of thought process and wealth generation that happens here, the degree to which Mumbai is well connected to the globe, makes it a pretty attractive location," said Chakrabarti.
Given Mumbai is already a saturated market, Emaar is open to explore redevelopment projects also, apart from greenfield opportunities, said Chakrabarti. It will continue to focus on luxury and mid-market segments for development of projects.
The coastal town of Alibaug can be reached by ferry boats from south Mumbai, or it's about 3-4 hour drive. However, the company officials are hopeful that with infrastructure projects like the Mumbai trans-harbour link (Atal Setu), the upcoming Navi Mumbai Airport and other planned infra developments in the region, this Villa project will find many takers.
The project spread over 25 acre will consist of 84 villas, each costing between Rs 9 crore to around Rs 16 crore.
Excluding the cost of land acquisition, Emaar India will be investing around Rs 400 crore in this villa project. The company has received RERA approval for the project and as per timelines submitted to authorities, the project is expected to be delivered by December 2030. The company officials are hopeful of finishing it much earlier.
By the end of 2024, the company will have close to 8 million square feet projects under various stages of construction in India, according to Chakrabarti, who added that 80-85 per cent of its portfolio will be residential projects.