Emaar India to Invest ₹1,000 Crore in New Luxury Housing Project, Targets ₹2,500 Crore in Sales

Real Estate News

As demand for luxury housing continues to grow, not only are homebuyers, but also investors, increasingly willing to invest in this segment. Emaar India, the Indian entity of the global brand Emaar, is committing around ₹1,000 crore for its new luxury residential project, ‘Amaris,’ located in Sector 62, Gurugram, Delhi NCR.

Aiming to generate close to ₹2,500 crore in revenue, Kalyan Chakrabarti, CEO of Emaar India, told CNBC-TV18 that “the project, which is built on a 6.1-acre plot, will have a built-up area of 1.5 million square feet, offering four towers in a configuration of 34 floors each.”

According to Chakrabarti, Emaar has already purchased the land, and of the total investment, “about ₹850 crore to ₹900 crore will be spent solely on the construction of the project.”

“We are committed to delivering this project in the next five years. The project will include configurations of 2BHK, 3BHK, 4BHK, and 4BHK plus, with prices ranging from ₹3.5 crore per flat to over ₹6 crore per flat,” Chakrabarti added.

Focused on timely delivery and transparency in the sales and allocation process, similar to its previous projects, Emaar is instituting third-party assurance for the Amaris launch.

“Expressions of Interest (EOIs) will be sought from interested prospective customers from 15th November to 18th November 2024. The company will also launch the ‘My Emaar India’ app to streamline the process for clients. Following the EOI phase, unit allocation will be conducted through a draw of lots, which will be livestreamed across our official social media pages. The date and time for the draw of lots will be announced after the EOI process concludes,” Chakrabarti said.

Emaar entered the Indian market almost two decades ago and has since invested $1.85 billion in the country to develop real estate properties.

Known for thoughtful architecture, engineering, and impeccable execution, Emaar’s India portfolio includes a mix of both commercial and residential properties, with a presence in Delhi/NCR, Mohali, Lucknow, Indore, and Jaipur.

Source : CNBC Tv 18