Emaar India to invest Rs 1,600cr to construct luxury housing project in Gurugram

New Delhi: Realty firm Emaar India will invest around Rs 1,600 crore to construct a luxury housing project in Gurugram to expand business amid strong consumer demand. Emaar India, the Indian arm of UAE-based Emaar Properties, on Wednesday launched a premium residential project, Serenity Hills, at Sector 86, Gurugram.

"We are launching the first phase of a new housing project in Gurugram. We will develop 997 apartments across seven towers," Emaar India CEO Kalyan Chakrabarti told reporters.

This will be a green project, with an IGBC Platinum pre-certification, being developed in a partnership with the landowner.

Asked about project cost, Chakrabarti said, "The total investment will be around Rs 1,600 crore excluding land cost".

He said the investment would be funded mainly through internal accruals.

Chakrabarti said the construction would start in a few months.

The project will be delivered in 5 years. The CEO informed that the prices are in the range of Rs 3 crore to Rs 5.7 crore per unit all inclusive.

Chakrabarti said the first phase of this project will be spread over 15 acres.

The second phase, spread over 11 acres, will be launched later.

Chakrabarti noted that the company would focus on quality, design, and greenery in this project.

Asked about the Gurugram residential market scenario, he said the demand continues to be strong while prices have stabilised. Emaar India is currently developing 12.5 million sq ft of residential projects across various cities, including Gurugram.

Dubai-based Emaar Properties entered the Indian real estate market in 2005 in partnership with India's MGF Development and had invested around Rs 8,500 crore through the joint venture firm Emaar MGF Land.

In April 2016, Emaar Properties decided to end the joint venture through a demerger process.

In September, Dubai-based Emaar Properties asserted that it will not sell stakes in its Indian entity, but the company is considering forming joint ventures with big business houses in India, including Adani Group.