India will be the second most important market after Egypt outside United Arab Emirates (UAE) for Dubai-based Emaar Properties, said the company’s global CEO Hadi Badri. A $6-billion fortune 500 company, Emaar, Badri said, will focus on developing projects under joint development agreements with local players having land banks at good locations.
Emaar is the developer of world’s tallest building Burj Khalifa in Dubai and operates in around dozen countries, including the US, Turkey and Egypt. In 2018, it had earned a net profit of around $1.5 billion.
Badri said the company has already received completion certificates for more than 90% of over 20,000 residential units in around two dozen ongoing residential projects in cities like Delhi-NCR, Lucknow, Jaipur, Mohali and Indore. He said possessions for over 80% of the housing units are already given and the company hopes to complete the construction of all the ongoing projects by March 2020.
Despite slowdown, Emaar is bullish on the sector. Badri said the slowdown has provided them huge opportunity to consolidate its position as the premium developer. He said, “Emaar group is fully committed to Indian market having huge investment and growth potential.” However, he maintained that Emaar India would not focus on the affordable segment of housing.