Makers of Dubai’s Burj Khalifa turn towards Mumbai for ambitious luxury villa project worth Rs…

Emaar India has plans to develop a luxury villa project in Alibaug, Raigad district near Mumbai.

New Delhi: Emaar Properties, one of the largest real estate developers in the UAE are world-famous for the development and construction of the Burj Khalifa, the tallest building in the world.

Now, the Emaar Group plans to expand its work domain hence, they are planning to invest about Rs 2,000 crore in the Mumbai market over the period of next 6-7 years where it sees huge growth potential.

The Dubai-based company has already announced plans to invest around $1.85 billion in India over the next 6-7 years, said Kalyan Chakrabarti, the CEO of Emaar India on Monday, October 21. In fact, Emaar India has already developed projects across six cities in India, including Gurugram, Mohali, Lucknow, Indore, Jaipur, and Hyderabad.

According to the reports, Emaar India has plans to develop a luxury villa project in Alibaug, Raigad district near Mumbai. With this, they will start their operations in Maharashtra.

“As far as Mumbai is concerned, it’s core to our thinking. This is the deepest and largest real estate market (in the country) and is going to be so for several decades. The economic activity that is coming out of Mumbai, the type of thought process and wealth generation that happens here, the degree to which Mumbai is well connected to the globe, makes it a pretty attractive location,” said Chakrabarti.

“Emaar is open to explore redevelopment projects also since Mumbai is already a saturated market. This is apart from greenfield opportunities and it will continue to focus on luxury and mid-market segments for development of projects,” said Chakrabarti.

The coastal town of Alibaug is accessible via ferry boats from South Mumbai and is approximately a 3-4-hour drive by road. The company is optimistic that infrastructure projects such as the Mumbai Trans-Harbour Link (Atal Setu), the forthcoming Navi Mumbai Airport, and other planned infrastructure developments in the area will make the luxury villa project a successful endeavor.

The project is spread over an area of 25 acres, it will consist of 84 villas, each costing between Rs 9 crore and around Rs 16 crore.

Emaar India is set to invest approximately Rs 400 crore in a new villa project, not including the cost of land acquisition. The company has secured approval from the Real Estate Regulatory Authority (RERA) for the project. According to the timelines submitted to the authorities, the project’s expected completion is by December 2030.