Emaar MGF To Invest Rs 500 Crore On Gurgoan Housing Project (12-Mar-2010)
Emaar MGF which is into real estate business will make an investment of Rs 500 crore in order to build a mid-income housing project at Gurgaon in Haryana.
Moreover the company is planning to launch its initial public offer to raise up to Rs 3,850 crore which will help in developing 1,250 units in the 29 acre-project located at Sector-77 in Gurgaon. According to sources the investment in the project ''Palm Hills'' could be around Rs 500 crore, excluding the cost of the land.
Currently the company has already sold 650 units in the first phase with a starting price of Rs 48 lakh.
Emaar MGF Executive Vice Chairman and Managing Director Shravan Gupta said that
the encouraging response on the first day of launch is an indication to the prevailing huge demand for quality housing in the mid-market segment.
Out of the total issue, Emaar MGF plans to utilise Rs 1,972 crore for part re-payment of debt of over Rs 5,800 crore and would use Rs 820 crore for redemption of certain redeemable preference shares.Apart from this it will invest Rs 276.8 crore in paying development and licence renewal charges.
Emaar MGF has a land bank of 11,340 acres. It currently has 29 projects, including the Commonwealth Games Village.
Emaar MGF Land Limited ("Emaar MGF", "the Company") is a joint venture between Emaar Properties PJSC ("Emaar") of Dubai and MGF Development Limited ("MGF") of India. Emaar is one of the world''s leading real estate companies, having developed approximately 89 million square feet of real estate across residential, commercial and other business segments and with operations in 14 countries. MGF has established itself as one of the key players in retail real estate development in Northern India and has delivered approximately 2 million square feet of retail space.
The Company commenced operations in India in February 2005 and is into real estate development with a pan-India presence and operations spanning all key segments of the Indian real estate industry.
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