In order to speed up the construction work, Emaar Properties’ arm Emaar India has raised Rs 2,500 crore fund and determined to expedite and complete its ongoing projects in time. The required amount has been arranged through the banks and many financial institutions from over the past six months.
The Dubai-based realty group’s subsidiary has re-established its entire project management team after the confirmation of separation from MGF Developments. Reportedly, Emaar Properties PJSC had made the largest FDI of over Rs 7,500 crore in the joint venture Emaar MGF Land back in 2005-06, which is decided to be separated now. The conclusion on the terms will be finalised by the end of April in 2017.
After the separation, Emaar India will get full control over its 55 ongoing as well as partially completed sub-projects. As the part of 30 full projects of Emaar, these sub-projects are planned to be expedited and delivered over the next 24-30 months. To finish in this small, the company has already increased the count labours to 10,000 workers from 500-700 workers. Also, it is investing about Rs 80-100 crore amount per month construction.
“Such funds have been used towards construction & development of its projects with the target of earliest deliveries to its customers and also for repayment of high-cost debt. Due to such focused efforts for completion of projects in the past 6 months, the company has already received Occupancy Certificates for nearly 1,800 units that are now being handed over to the customers,” says Spokesperson of Emaar India.
Source: ET Realty