Emaar MGF embarks on projects across India

Dubai: Emaar MGF, a joint-venture between Dubai-based realtor Emaar Properties and India's MGF Developments, has embarked on a major pan-India real estate building programme that will include nine special economic zones (SEZs) and 50 hospitals.
According to information supplied by Emaar MGF, it will also add 25,000 hotel rooms throughout India in ten years, numerous schools and universities, residential townships and shopping malls.
The plans are part of a huge investment package, which one Indian newspaper puts at $12 billion in the next five years alone. The figure is considered to be the largest single investment in the country's real estate sector.
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"It is our vision to change the way modern India lives and towards this goal we have brought into the country the largest ever FDI [foreign direct investment] in the Indian real estate sector," said Shravan Gupta, executive vice chairman and managing director, Emaar MGF.
The company started its programme by laying the foundation stone for the mega township project at Mohali Hills, a satellite town of Chandigarh.
The project will have a capital of Rs160 billion and will include residential plots, town houses, villas and shopping malls, in addition to facilities such as hospitals and IT parks.
Other residential projects include The Views in Mohali and The Palm Springs in Gurgaon, which will offer 300 high-end apartments and 100 luxury villas. The majority of the 50 hospitals planned across the country in the next 7-10 years will form a part these integrated townships.
Approval for SEZs
Meanwhile, Emaar MGF has gained approval for nine SEZs, which will cross various product categories and be located in states including Haryana, Hyderabad, Tamil Nadu, Andhra Pradesh and Karnataka.
In the hospitality sector, the company plans to build 10 luxury hotels and 45-50 business hotels within the same time period. It's joint venture with Accor will result in 100 budget hotels in 10 years. In total it will add 25,000 hotel rooms across India in 10 years.
The schools being planned will offer main education courses, while the universities will offer general stream and specialised courses. The first school will be built in Neemrana and will have a seating capacity of 1,800.
In terms of shopping centres, Susil Dungarwal, head of retail (west and south) at Emaar MGF, said the time is right for global companies to enter Indian retail sector.
But he warned that the ability to secure space in "legitimate and retail-friendly properties" that are more than 500,000 square feet in size is a challenge.
He also highlighted a lack of retail talent in India, but said the 15 million people in unorganised retail have the basic skills to make the jump into organised retail.
Emaar MGF was established in 2005.
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