As part of its expansion strategy, real estate developer Emaar India plans to invest Rs 900 crore over the next four years to build luxury housing projects in Gurugram, according to a top company executive. The group housing project ‘Urban Oasis’, situated in Sector 62, Golf Course Extension Road in Gurugram, is home to 424 luxury residences that the company, which is a part of Emaar Properties, based in Dubai, launched and has since sold.
Executive Chairman of Emaar India, Kalyan Chakrabarti, stated in a PTI interview, “We launched a residential project after a gap of almost four years, and were humbled by the response from the market.” Emaar India has made Rs 1,723 crore in revenue after selling all 424 of the apartments it had offered. For the 424 available properties, it got ten subscriptions totaling 4,259 expressions of interest.
He claimed that both end users and investors have a high demand for luxury real estate in all of the main cities, including Gurugram. Chakrabarti responded that the project’s cost, excluding the cost of the land, would be approximately Rs 900 crore when asked.
“We enlisted one of the big-4 audit firms — E&Y — for overseeing the process fairness and transparency, while leveraging the robustness of SFDC software for a streamlined registration process,” he explained. Regarding the current state of the projects, Chakrabarti stated that all legacy housing projects have been completed by the company, and clients are receiving their possessions.
