NEW DELHI: Realty firm Emaar India is set to invest approximately Rs 1,600 crore to develop a luxury housing project in Gurugram to meet robust consumer demand. The Indian subsidiary of UAE-based Emaar Properties recently unveiled the ‘Serenity Hills’ residential project in Sector 86, Gurugram.
Emaar India CEO Kalyan Chakrabarti stated, “We are launching the initial phase of our new housing development in Gurugram, featuring 997 apartments across seven towers.”
This project is designed as a green initiative, aiming for IGBC Platinum pre-certification, and is being built in collaboration with the landowner.
In response to inquiries about project costs, Chakrabarti mentioned, “The overall investment is around Rs 1,600 crore, excluding land costs,” and confirmed funding would primarily come from internal accruals.
Construction is expected to commence within the next few months, with the project anticipated to be completed in five years. Prices for units will range from Rs 3 crore to Rs 5.7 crore, all-inclusive.
The first phase will encompass 15 acres, while a second phase, covering 11 acres, will be introduced later. Chakrabarti emphasized the company’s commitment to quality, design, and sustainable landscaping in this initiative.
When discussing the residential market in Gurugram, he noted that demand remains strong, although prices have stabilized. Currently, Emaar India is working on 12.5 million sq ft of residential developments across various locations, including Gurugram.
Emaar Properties, established in the Indian market in 2005 through a partnership with MGF Development, has invested roughly Rs 8,500 crore in its joint venture, Emaar MGF Land. In April 2016, the company opted to dissolve this partnership through a demerger.
Recently, Emaar Properties reiterated that it does not plan to divest its stake in its Indian operations but is exploring joint ventures with major Indian businesses, including the Adani Group.
