EmaarMGF to invest Rs 12,500 cr in South

Written by Agencies | New Delhi, May 30: | Updated: May 30 2008, 23:50pm hrs
Real estate developer EmaarMGF said on Friday that it plans to develop over 31 million sqft of commercial, residential, SEZs and Hospitality spaces across 10 locations in South India, which could entail an investment of about Rs 12,500 crore.

"The company plans to develop over 31 million sqft across 10 locations in South India with a planned investment of USD three billion," the realty firm said in a statement.

In the residential space, EmaarMGF would focus on luxury and high-end segment with an aim to develop about 20.5 million sqft, it said.

As part of this strategy, the company today launched an integrated leisure and residential community at Hyderabad, which would see an investment of USD 1.4 billion (about Rs 5,900 crore).

The community, Boulder Hills Golf and Country Club, which would comprises a 18-hole golf course, spread over 531 acres, and the first phase would have 703 residential units with a mix of single and multi-family units, the company said.

"EmaarMGF strives to make a significant difference to Indian lifestyle through its world-class developments. The launch of Boulder Hills is a momentous occasion for all of us as this marks a significant milestone of our growing operations in the southern part of the country," EmaarMGF CEO William R Rattazzi said.

The project would be constructed by Multiplex Construction India, an equal partnership joint venture construction company between EmaarMGF and Multiplex Ltd.

The company is also planning to introduce luxury and boutique properties in association with Four Seasons and Marriott International.