Emaar Properties, the leading Dubai-based real estate developer, will be finishing all its Indian projects which have been previously delayed and will be delivering 10, 000 units by the end of 2019 in the country as per reports. Funds have been garnered by the company and the overall workforce has been scaled up for swifter development. The company has confirmed that construction cost will range between Rs. 800-1, 000 crore and these funds have already been obtained by it.
The workforce at the construction sites has gone up to 9, 000 people from 7, 000 over a few months. The inventory of 10, 000 units includes majorly residential real estate across apartments and plots in tandem with a few shops. 2, 000 units have already had possession letters being released for buyers. Funds of approximately Rs. 500 crore have already been obtained from NBFCs and banks as construction financing while the remainder will be covered via internal accruals as per reports. Customer receivables will be roughly Rs. 400 crore.
Emaar Properties is now emphasizing on timely completion of projects for buyers and this new announcement will be a major relief to several buyers. The company forayed into the Indian market back in the year 2005 and partnered with the MGF Group in the country with an investment of Rs. 8, 500 crore into the Emaar MGF Land JV. However this was ended in the year 2016 and the company is now functioning independently. Emaar has several projects underway in Jaipur, Gurgaon, Chennai, Lucknow and Mohali among other locations. The company has approximately 4, 500 acres as part of its land bank in India. Some of the top projects by the company in India include Emaar Palm Premier, Emaar The Palm Drive-Palm Studios and Emaar Gurgaon Greens to name a few.
