Emaar India, part of Emaar Properties of Dubai, is looking to become among top 10 developers in the country. It is gearing up to develop a total 10-11 million square feet, of which 1.2 million sq ft is already in development and 7-8 million sq ft it will be taken up by the end of the year, said Kalyan Chakrabarti, chief executive officer at Emaar India. Including land expenditure, the company will spend $2 billion on the projects.
“I am pretty sure we will be in the top 10, but wherever we are, we are doubling down. So, whether it is Gurgaon, Lucknow, Jaipur, or all those places, we’ll be doing more business,” Chakrabarti said.
The developer is also looking at entering one or two more cities. About 85% of its sales come from its main market in Gurugram, and the rest from Lucknow, Mohali, Ludhiana, Jaipur, and Indore.
Emaar’s plans come at a time of a boom in the housing market. Housing sales touched decadal high last year.
Emaar is looking to move ahead from its past troubles in the country. In 2016, the firm ended its decade-old joint venture with MGF Development, with the NCLT approving the demerger in 2018. The company also faced court cases and saw its CEOs resigning.
“We have had some historical issues to resolve, which have been done and closed. So, we are perfectly positioned now to look into the future,” he said.
Emaar India is also studying the hospitality market here and is looking to bring some hotel brands of its parent from Dubai, he said. The company has also implemented a customer centricity forum to resolve customer issues faster and better.
Chakrabarti said they ave onboarded more channel partners than it ever had in the process, and they have created an ‘R model’, wherein one person handles multiple channel partners and constantly engages with them, gives them updates, and takes care of any grievances that they may have about themselves or the customers whom they have sold units.