One of the major real estate players, Emaar India said the firm was entering the Mumbai market with a luxury villa project in Alibag. The company added that this was to be one of the landmark developments for itself and planned to invest around ₹2,000 crore in the near term for developing several real estate projects across the region.
The newly launched villa project would have come up on a 25-acre plot of land and will feature exclusive villas between ₹9 crores and ₹15 crores. The development is estimated to generate revenue worth ₹700 crores. Mumbai is a deep and mature market where we remain committed. We will look to explore varied opportunities, including redevelopment of older buildings across various localities like Bandra and Andheri, said Kalyan Chakrabarti, MD and CEO, Emaar India.
Chakrabarti said, “We are keen to develop projects in the mid and luxury segments of the Mumbai real estate market.” This seems to be part of the Emaar India plans for expanding its presence in urban markets, especially after the rise due to the Covid-19 pandemic, where interest from real estate developers in Mumbai has seen an uptick in demand. Some of the notable competitors which will enter the market include Bengaluru-based Puravankara and Prestige Group as well as DLF from Delhi NCR.
Emaar India, after its launch in India in 2005, is able to launch projects across the regions of Gurugram, Mohali, Indore, Lucknow, and Hyderabad. Capturing an outstanding share of the urban real estate sector through the experience and reputation on offer is what the company now targets for the Mumbai market.
Chakrabarti’s comments throw into sharp relief Emaar India’s willingness to break into the Mumbai market, especially now that the numbers for luxury and mid-range housing are on an increase. Such a move opens avenues for the company while chasing its vision of sustainable development and community enrichment.
It is a development that not only reflects Emaar India’s confidence in the region’s real estate potential but also signals a renewed interest among major developers to tap into one of India’s most lucrative markets.
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