Sep 4: Dubai-based Emaar Properties is scouting for partners to develop some of the land parcels the company doesn’t intend to construct. Emaar Properties has a land bank spread across 4500 acres of land in India, of which a major portion contributes to area unintended for construction.
As per the words of Emaar India’s new CEO Prashant Gupta, the company is exploring new partners so as to utilize the land unintended for construction by Emaar. The company has embraced the partnership route as FDI law bars it from selling the land to other parties.
Projects on these lands would be completely developed by the partners under their branding. Gupta insists that these projects won’t be developed under Emaar brand, adding that the company would also stay off from co-branding. The revenues, however, would be shared by Emaar with the partners. Talks are currently going on with various local developers, the CEO was quoted as saying by a PTI report.
Gupta also spoke about the ongoing projects of the company. Accordingly, Emaar India is currently focusing on completing its ongoing projects rather than emphasizing on new projects. As a part of it, the company has also raised its labour count from 7,000 to 9,000 across its various project sites.
Around 10,000 units of construction are pending, and Emaar is focusing on getting it completed by the end of next year. Simultaneously, the company would also launch around 7-8 new projects by the next year, with a couple of them expected to get launched as early as this year. Emaar India has already applied for required government approvals for starting new projects.
Emaar Properties made its way into the Indian terrain in partnership with India’s MGF Group back in 2005. The 11-year old partnership was broken in 2016 after the duo decided to part ways. The approval for the demerger was obtained from the National Company Law Tribunal (NCLT) in January this year, following the demerger was completed by July, 2018.