Dubai's Emaar secures funds to complete delayed India projects
Roughly 10,000 units, mainly comprising flats and plots as well as some shops, are yet to be completed by Emaar Properties' Indian arm, it has been reported
Emaar Properties will complete its delayed projects in India – comprising 10,000 units – by the end of next year, with new funds secured and an increase in its workforce, Indian media has reported.
According to the Press Trust of India (PTI), Emaar India’s new chief executive officer, Prashant Gupta, said the company needs about $2.2bn to $2.7bn (INR800-1,000 crore) to complete and deliver the units, with these funds now “tied up”.
Roughly 10,000 units, comprised mainly of flats and plots as well as some shops, are yet to be completed, apart from the 2,000 units where possession letters have been issues to customers.
“Our focus is on the completion of all existing projects,” Gupta told PTI.
“We have increased the number of labourers at our sites to 9,000 from 7,000 workers a few months back.”
Gupta, who joined Emaar India, part of Dubai development giant Emaar Properties, in June this this year, added: “Real estate is a complex business. There are lots of challenges, Therefore, we are trying to build a stronger organisation. Like in Dubai, the focus in India will be on customers and speed.”
Emaar India currently has around 600 employees, with a new chief financial officer set to be appointed soon after Hadi Badri came in as managing director in April, according to the Indian news agency.
The news comes amid a busy year for Emaar’s Indian arm.
In January, the National Company Law Tribunal (NCLT) approved the proposed demerger scheme of Emaar MGF Land, paving the way for two partners – Emaar Properties and MGF Development – to go separate ways.
The uncoupling was completed in July with the Dubai firm strengthening its operation in India during this period, as PTI also reported.