Emmar MGF to build Rs 5,610-cr home complex

Written by Corporate Bureau | Hyderabad, May 30 | Updated: May 31 2008, 06:12am hrs
Emaar MGF Land Ltd, one of the major real estate developers in the country has launched Boulder Hills Golf & Country Club'- an integrated world class leisure and residential community in Hyderabad. The Rs 5,610-crore project will have residential, commercial and retail space, IT parks and special economic zones, luxury and boutique hotels. It will be constructed by Multiplex Construction India Pvt Ltd, a 50:50 joint venture company floated by Emaar MGF and Multiplex Ltd.

Speaking at a press conference during the launch of the project here, William Robert Rattazi, chief executive officer of the company, said, "It is a landmark project for the company in south India." This project, which is spread across 531 acres of land, is south India's first integrated world class leisure and residential community with an 18-hole golf course. The 192-acre golf course has been designed by Peter Harradine - a third generation golf course architect. It is a championship golf course.

"Plans are on to host the European PGA Men's and Ladies events at the world class golf course," he said.

In the first phase of the project, the company would be developing 703 residential units with a mix of single and multi family units. It is expected to be ready within the next three years.

The project has already been well received in the market, so much so that the premium apartments and luxury villas that are being planned within the project have already been sold out, he added.

The company is currently doing eight different projects in the South. "Over the next few years, we plan to develop 31 million sq ft across ten locations in south India with a planned investment of $3 billion. Already the company has a land bank of 1,500 acres in the south in places like Hyderabad, Tirupathi, Chennai, Coimbatore, Kochi, Mysore and Mangalore", he said adding all over India, the company has a land holding of 13,000 acres.

In the next 4-5 years, Emaar MGF will spread its wings to 40 cities from 26 cities right now.

Talking about the IPO plans, Rattazzi said, the company had put its IPO plans on the backburner because of the market conditions. "We will come out with the public issue within the next 12-18 months if the market is favourable," he explained.