Emaar India to invest Rs 2,000 crore in Mumbai Metropolitan Region market

The company's first project in the state will soon be launched in Alibag, with an estimated revenue potential of about Rs 700 crore

Real estate major Emaar India is planning to invest Rs 2,000 crore, mainly in the Mumbai Metropolitan Region (MMR) market, top company executives said on Monday.

The company announced its first project, Casa Venero, spread across an area of around 25 acres, offering 84 “limited collection exquisite villas” in Alibag, near Mumbai.

The estimated revenue potential of the project is said to be about Rs 700 crore, according to the company. Each villa is reported to be priced between Rs 9 crore and Rs 15 crore.

“We are thrilled to announce our entry into the western real estate market. We are excited to build a residential space that echoes international standards of luxury with the serene charm of Alibag, providing a truly exceptional living experience. This project is a testament to Emaar’s global reputation for quality and design," Kalyan Chakrabarti, chief executive officer (CEO) of Emaar India, said in a news conference.

 

“Alibag is fast emerging as a preferred location for luxury first-homes as well, offering a perfect balance of peaceful coastal living and significantly improved connectivity to Mumbai,” the company said.

On being asked about its plans for investment in the MMR and preferred locations for future projects, the company stated it would respond once it is ready with plans for Mumbai.

Additionally, the company’s portfolio includes residential as well as commercial projects in the National Capital Region (NCR), Mohali, Indore, Lucknow and Jaipur.