Emaar seeks partners to develop Indian land plots
Sitting on a huge land bank of 4,500 acres across India, Dubai-based Emaar Properties is looking for partners to develop some of the land parcels that it does not intend to construct.
Emaar India’s new CEO Prashant Gupta said the company has also chalked out a plan to launch seven to eight projects in the calendar year 2019 even as its current focus is to complete 10,000 pending units by the end of next year at a cost of about ?10 billion.
“We have a land bank of 4,500 acres across India. We will not sell land as we are not allowed to do so as per the FDI law. We will go for partnership for land parcels which we don’t want to develop,” he said.
Gupta said the company will provide the land to its joint venture partners, who would develop projects on their own brand.
“These projects will not be developed under Emaar brand. No co-branding as well,” he said, adding that the company would just share revenue with its partners. The company is in various stage of discussion with local developers.
Asked about launching its own projects, Gupta said the company has identified some land parcels where the company would like to develop projects.
“We plan to launch eight projects in the calendar year 2019. One or two out of these may happen this year but we will not push for it as the focus is currently on the execution of existing projects,” he said.
The company has applied for necessary government approvals to start new projects.
In 2005, Emaar Properties entered the Indian real estate market in partnership with India’s MGF Group and invested Rs85 billion through a joint venture Emaar MGF Land. – PTI