Emaar speeds up work on 40 projects to deliver 11000 flats by 2018
Gurgaon-based real estate developer Emaar India will be continuing with its focus on Haryana post its demerger with erstwhile partner MGF Developments Ltd. The company is committed to deliver 11,000 units by 2018 in the state.
Post the initiation of demerger process, the Indian arm of Dubai-based Emaar Properties has expedited construction on its 44 ongoing projects in Haryana and will deliver 11,000 flats in next 16-17 months beginning with over 3,000 units in the year 2017 itself.
Emaar India's endeavor is to bring the true Emaar lifestyle and the international gold standard of construction, which the globally renowned brand Emaar is associated with, to its Indian projects. The Company has expedited project execution to deliver the units as per its renewed commitment, if not earlier. This expedited delivery would transform to new abodes for 44,000 people taking into consideration four members a unit.
Prior to the initiation of demerger, Emaar Properties held around 49% stake in Delhi-based Emaar MGF Land, a JV formed in 2005 with the Guptas of MGF Developments, who owned the remaining stake.
Before the announcement of demerger, which is now going through regulatory and legal clearances and expected to close in the near future, the projects had been languishing. However, the new management under the stewardship of Emaar Properties has given priority to the speedy delivery of these projects to serve the customers in the best possible manner and to their utmost satisfaction.
Towards this, the parent company has extended a bank guarantee to Emaar India to ensure that finances are not a constraint and the Indian arm, which has a debt of just about Rs. 4000 crore, has raised about Rs. 2,500 crore through borrowing.
Moreover, the company has increased their staff work force by as much as 50 per cent in several projects and raised the number of labourers on project site to over 15,000, which is about 20 times more than that employed at the time of initiation of demerger process in June 2016, for completion within the renewed commitment, which otherwise could have spilled by another year or two.
Besides, the company has increased its vendors' network to guarantee smooth flow of material and goods to match the higher speed of construction. In Gurgaon alone, it is working on more than 40 projects and will deliver about 11,000 units by end of 2018.
Most of Emaar India's projects are in Golf Course Extension Road area, and in new Gurgaon region around Dwarka Expressway and National Highway 8. Also, the company has its footprint in Jaipur, Lucknow, Mohalli and Chennai. The 11,000 units are spread across 44 projects including Emerald Hills, Emerald Estates, Palm Hills, Palm Gardens, Marbella, Palm Drive, Gurgaon Greens, Imperial Gardens, etc.
As a build-up to the deliveries, the Indian arm of the global developer, known for creating architectural wonders like Burj Khalifa, has come up with a new brand campaign "The True Emaar Lifestyle" to reach out to millennials and young professional across the society through new-age and social media.
-ANI
