Emaar Properties already possesses a gargantuan land bank covering 4, 500 acres in India and is now on the lookout for Indian real estate developers in a bid to ink partnerships for projects on some of these plots of land. The company is planning to launch close to 7-8 projects in the year 2019 as per reports although it is currently ramping up its operations to finish 10, 000 pending housing units by end-2019 with costs estimated to be roughly INR 1, 000 crore. The company will not be selling off its land parcels and will instead be opting for partnerships with local developers who will construct projects on these plots.
The company will only offer land to local partners who will construct projects using their own brand names. Revenues would be shared but no co-branding initiatives will be taken as per the company. Some of the land parcels have already been identified by Emaar for constructing its own projects. Emaar has also submitted applications for requisite Government approvals for commencing newer projects.
Emaar Properties forayed into the Indian realty market back in the year 2005 as part of a partnership with the MGF Group from the country. The company pumped in INR 8, 500 crore via the Emaar-MGF Land JV. However, this tie-up ended in April 2016 and the NCLT (National Company Law Tribunal) has already issued its approval to the demerger of these two entities. This procedure has already been finished and Emaar has already raised funds for finishing projects which have been delayed. The company has already increased the number of labourers at its project sites to 9, 000 people from 7, 000 people some months earlier.
