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EmaarMGF To Invest Rs 12,000cr In South
Posted by Pradeep Sadanapalli | June 2, 2008 | 314 views
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Loading ...EmaarMGF Land Ltd, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments Ltd of India, is planning to invest $3 billion (Rs 12,000 crore) in projects spanning residential, commercial, retail, IT & SEZs and hospitality sectors over the next few years in over 10 locations across south India.
The company plans to develop 31 million square feet (sqft) over the next few years in the 10 locations including Chennai, Coimbatore, Mysore, Mangalore and Kochi. It has a land bank of 13,000 acres across the country including 1,500 acres in south India, EmaarMGF chief executive officer, William R Rattazzi, told newspersons on the occasion of launching the $1.4 billion (Rs 5,600 crore) ‘Boulder Hills Golf & Country Club’ leisure and residential community project in Hyderabad on Friday.
The company, which withdrew its plans to come out with an initial public offering (IPO) in February last, is again planning to come out with an IPO. “This should take place in the next 12-18 months depending on the market conditions. The size of the issue and the price of the equity shares also depend upon the market conditions prevailing at that time,” Rattazzi said.
Boulder Hills, developed in partnership with the Andhra Pradesh Industrial Infrastructure Corporation, is spread over 531 acres in Hyderabad’s information technology and financial corridor of Gachibowli. It has a fully operational 192-acre championship golf course designed by Harradine Golf, the Switzerland-based company that has designed over 200 golf course projects in Europe, Africa and Asia.
The first phase of Boulder Hills comprises 703 residential units with a mix of single and multi-family units. It will also be home to a special economic zone with a built-up area of 3 million sqft and ‘The Mall of Hyderabad’ spread over 13 acres. The mall is expected to be completed by 2010.
In the residential space, according to Rattazzi, EmaarMGF will focus on luxury and super luxury gated communities and townships with an aim to develop 20.5 million sqft. In the retail arena, the company will develop 3 million sft of top tier retail space across all its southern locations. The highlight of this initiative is the introduction of ‘Mall of the City’ series in each city the company forays into.
This apart, he said, EmaarMGF has plans to introduce luxury and boutique properties in Andhra Pradesh in association with Four Seasons and Marriot International. On the whole, the company is planning to have 30,000 rooms in the hospitality sector across the country over a period of next five years.
SOURCES:
Business Standard
Topics: Business News, Real Estate |
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