Real estate giant Emaar gives Rs 100 crore contract for commercial project

Realty major Emaar India has awarded a Rs.100 crore contract to construction firm Capacit’e Infraprojects Ltd (CIL) for its upcoming mixed-use commercial project in Gurgaon. The scope of work for the contract includes construction and development of the entire project Colonnade, which offers 1.33 lakh sq ft of retail spaces, the company said in a statement. The project will also have serviced apartments.

Mumbai-based CIL undertakes construction of residential, commercial and institutional buildings in Mumbai Metropolitan Region, National Capital Region, Bengaluru and other major cities spread across India. “Emaar India is swiftly moving forward with the sole aim to fast track and deliver all our projects with necessary deployment of resources,” said Ashish Jerath, Head of Sales,
Emaar India.

The company, which is facing buyers’ complaints and protests due to delay in project completion, said: “At present almost 8,000 labourers are working at various sites of the developer, as against 500 in April 2016. “The company aims to increase this workforce to five figures in the near future at various projects including Palm Hills, Palm Garden and Palm Drive in the Gurgaon region.”

Emaar India has even started sharing project completion schedules with detailed timeline for achievement of specific milestones for all projects with its customers, and the same information is also available on its website, the statement said. Earlier this year, Dubai-based Emaar Properties and India’s MGF Development decided to end their 11-year-old joint venture through demerger of Emaar MGF Land Ltd into two separate entities.

Emaar Properties, which entered India in 2005 with largest FDI in the realty sector, has invested about Rs 8,500 crore in Indian real estate market through its JV firm Emaar MGF.

Reff: http://indianexpress.com/article/india/real-estate-giant-emaar-gives-rs-100-crore-contract-for-commercial-project-4436858/

Walls N Roof Comment: Emaar Group is one of the most trusted developers based out of Dubai. The Emaar Group had forayed into the Indian real estate sector in 2005 with a JV with MGF group. The group has been instrumental in transforming the landscape of the Dubai realty sector and has a diversified portfolio of property, shopping malls & retail and hospitality & leisure. The commercial sector has seen an unprecedented growth over the past few years. Gurgaon has seen maximum investments in the real estate sector followed by Mumbai, Bengaluru etc. The Group’s mixed-use commercial project in Gurgaon includes construction and development of the entire project Colonnade,which offers 1.33 lakh sqft of retail spaces. The project will also have serviced apartments.

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