Emaar
recently revamped its project management team in an effort to fast track
projects which were stuck due to uncertainty over the fate of this partnership
MUMBAI:
Following the initiation of demerging its India partnership venture,
Dubai-based realty major Emaar
Properties’ arm Emaar
India has raised Rs 2,500 crore to expedite and complete its
ongoing projects. The funds have been raised from banks and financial
institutions over the past six months.
Emaar recently revamped its project management team in an effort to fast track projects which were stuck due to uncertainty over the fate of this partnership. Dubai-based Emaar Properties PJSC, which had made the then largest FDI of over Rs 7,000-crore in its real estate joint venture Emaar MGF Land in 2005-06, has parted ways with its Indian partner MGF Developments.
Under the separation plan, expected to be concluded by April end, Emaar India will get control of most of the 55 ongoing or partially completed sub-projects, and is trying to expedite and deliver these. These sub-projects are part of the total 30 projects with approvals. Emaar India confirmed raising the funds from banks and financial institutions over the past six months for completion of its projects.
“…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," said a spokesperson of Emaar India.
In mid-2016, Emaar MGF Land Ltd had initiated the process of reorganization of the company through demerger, to lend greater focus on the operations and projects. “The company, now being a subsidiary of Emaar Properties PJSC (Emaar), is being operated under the management of Emaar, and is committed towards completion of the ongoing projects at the earliest,” the spokesperson said.
The developer is aiming to deliver all the ongoing projects over the next 24-30 months. For this, the company has increased its labour count at project sites to 10,000 in February 2017 from 500-700 workers in May 2016. The company received occupation certificate (OC) for 1,000 units Last year and it expects to receive the same for another 4,000-4,500 units in 2017. In order to achieve its target of delivering these projects, the company is spending Rs 80-100 crore per month on construction, as against Rs 20-25 crore in May 2016.
Apart from increasing its labour headcount, the company has recently revamped its project management team. It has roped in professionals from DLF, Hiranandani Constructions, Bharti Realty, Lotus Greens, Gulf Petrochem and IREO to fast track its projects.
Emaar recently revamped its project management team in an effort to fast track projects which were stuck due to uncertainty over the fate of this partnership. Dubai-based Emaar Properties PJSC, which had made the then largest FDI of over Rs 7,000-crore in its real estate joint venture Emaar MGF Land in 2005-06, has parted ways with its Indian partner MGF Developments.
Under the separation plan, expected to be concluded by April end, Emaar India will get control of most of the 55 ongoing or partially completed sub-projects, and is trying to expedite and deliver these. These sub-projects are part of the total 30 projects with approvals. Emaar India confirmed raising the funds from banks and financial institutions over the past six months for completion of its projects.
“…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," said a spokesperson of Emaar India.
In mid-2016, Emaar MGF Land Ltd had initiated the process of reorganization of the company through demerger, to lend greater focus on the operations and projects. “The company, now being a subsidiary of Emaar Properties PJSC (Emaar), is being operated under the management of Emaar, and is committed towards completion of the ongoing projects at the earliest,” the spokesperson said.
The developer is aiming to deliver all the ongoing projects over the next 24-30 months. For this, the company has increased its labour count at project sites to 10,000 in February 2017 from 500-700 workers in May 2016. The company received occupation certificate (OC) for 1,000 units Last year and it expects to receive the same for another 4,000-4,500 units in 2017. In order to achieve its target of delivering these projects, the company is spending Rs 80-100 crore per month on construction, as against Rs 20-25 crore in May 2016.
Apart from increasing its labour headcount, the company has recently revamped its project management team. It has roped in professionals from DLF, Hiranandani Constructions, Bharti Realty, Lotus Greens, Gulf Petrochem and IREO to fast track its projects.
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