Emaar India, Dubai headquartered real estate company is looking to raise approx ₹1000 crores in debt to complete the ongoing projects. Emaar has over 50 ongoing projects across the tier-1 Indian cities and it is targeting to finish constructing all of them in the next 2 years.
Emaar has already raised ₹2500 crores in debt. Out of ₹2500 crores, ₹1500 crores were used to pay previous debt which had higher rate of interest. In April 2016, Emaar ended its years long relationship with MGF group. Since then, the company is focusing on completing the remaining projects. In years since its Indian debut, Emaar has invested over ₹8500 crores in its projects in India. However, it also has around ₹5,000 crores in debt at the present moment.
Sanjay Malhotra, CEO – Emaar India stated that the company will invest ₹1000 crore each for the next 2 years. He also stated that the main motto of the company is to finish all the pending work. Emaar has deployed over 10,000 complies, up from 1000 initially to make sure that the projects are completed before time.
The locations of projects under Emaar group include Gurgaon, Jaipur, Lucknow, Mohali and Chennai.