Emaar India, an India-based subsidiary of Emaar Properties, has announced to spend around Rs 2,000 crore for next two years to speed up the construction work in all its ongoing 50 projects.
After demerger from Emaar MGF Land in April 2016, Emaar India has been focusing on completing its ongoing projects. The company has increased the number of labourers on sites to over 10,000 from 1,000 on its under-construction projects in cities like Gurgaon, Jaipur, Lucknow, Mohali and Chennai.
It expects to deliver around 10,000 housing units in next two years. The CEO of Emaar India Sanjay Malhotra also confirms that the company has already received completion certificates for 2,000 housing units.
Emaar India has currently raised around Rs 2,000 crore in which Rs 1,500 crore will be used to clear the debt and rest Rs 500 crore will be spent on construction.
Source: ET Realty