Emaar lines up new projects in Gurugram, expects market revival soon
Signalling a likely turnaround in India’s real estate market, Emaar India, the Indian arm of Dubai’s Emaar Properties, on Monday said it is working on a slew of new projects in the National Capital Region (NCR) as it expects to complete all its ongoing projects by the end of 2019.
“We have expedited all our projects to be able to deliver close to 11,000 units by the end of 2019. This would complete all our existing projects,” Emaar India chief executive officer (CEO) Sanjay Malhotra said at the company’s Sales Centre launch in Sector 61 here.
Emaar India raised Rs25 billion (Dh1.4 billion) to expedite the execution and completion of its ongoing projects.
Malhotra said there are greenshoots in the market as the queries of buyers gaining momentum gradually.
“We have already surpassed our annual target for this year. Enquiries in the secondary markets [are] also going up,” he said, adding that the company was working towards announcing new projects with a total inventory of 1,600 units.
“This would be a mix of new projects and expansion of existing projects and would be announced very soon,” he said, adding that the new projects may not be in the premium category.
According to a report by Cushman and Wakefield, the affordable housing segment has demonstrated the strongest growth trend, recording a 27 per cent increase in the new units launched in these cities.
More than 26,000 new units have been launched in 2017 so far. Of the total new launches in affordable units, 40 per cent were in Mumbai (10,500 units) followed by Kolkata and Pune.
All other categories have seen a decline with the high-end (minus 66 per cent) and luxury (minus 84 per cent) segments witnessing a significant drop in new launches.
The affordable housing segment is expected to continue its momentum with the Government of India’s focus on ‘Housing for All’, the report says.
The segment caters to the unmet demand of a large section of the Indian population looking for affordable housing options.
Malhotra said the positive traction in the market has been seen after the recent policy interventions such as the Real Estate Regulatory Authority and demonetisation by the government.
Recently, Shapoorji Pallonji Group’s real estate arm, Shapoorji Pallonji Real Estate, announced a 2 million sq ft affordable housing project on 20 acres of land it bought near the Dwarka Expressway.