EmaarMGF plans Rs12,000 crore investments in South India
30 May 2008
Real estate developer EmaarMGF Land Ltd, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments Ltd of India, is planning to invest Rs12,000 crore ($3 billion) in projects spanning residential, commercial, retail, IT, SEZs and hospitality sectors over the next few years across South India.
EmaarMGF Land said it plans to develop over 31 million sq ft of commercial, residential, SEZs and hospitality spaces across 10 locations in South India, including Chennai, Coimbatore, Mysore, Mangalore and Kochi.
EmmarMGF Land has a land bank of 13,000 acres across the country, including 1,500 acres in South India, its chief executive officer William R Rattazzi said while launching the Rs5,600 crore ($1.4 billion) Boulder Hills Golf & Country Club' leisure and residential community project in Hyderabad.
Meanwhile, the company, which put off a $1.6 billion initial public offer (IPO) in February last, is again planning to come out with an IPO.
"This should take place in the next 12-18 months depending on the market conditions. The size of the issue and the price of the equity shares also depend upon the market conditions prevailing at that time," Rattazzi said.
Boulder Hills, developed in partnership with the Andhra Pradesh Industrial Infrastructure Corporation, is spread over 531 acres in Hyderabad's information technology and financial corridor of Gachibowli.
The first phase of Boulder Hills comprises 703 residential units with a mix of single and multi-family units. It will also be home to a special economic zone with a built-up area of 3 million sqft and 'The Mall of Hyderabad' spread over 13 acres. The mall is expected to be completed by 2010.
EmaarMGF also plans to introduce luxury and boutique properties in Andhra Pradesh in association with Four Seasons and Marriot International. The company is planning to develop 30,000 rooms in the hospitality sector across the country over the next five years.