Emaar's Bold Foray into Mumbai's Realty Market

UAE-based realty giant Emaar plans to invest Rs 2,000 crore in Mumbai over the next six to seven years. Known for the Burj Khalifa, Emaar has mostly avoided Mumbai but now sees immense potential in the city. They will focus on both luxury residential and redevelopment projects.

Emaar, the influential UAE-based real estate developer, announced plans to invest Rs 2,000 crore in Mumbai over the next six to seven years. Renowned for its megastructures like the Burj Khalifa, Emaar has kept its distance from Mumbai despite a strong two-decade presence in India.

Kalyan Chakrabarti, CEO of Emaar India, revealed that the lack of prior engagement in Mumbai wasn't due to any specific reason but noted the city's status as a vibrant and robust realty market with a promising future. Emaar India sees great potential in Mumbai and is considering both slum redevelopment and new project proposals.

The company aims to serve the mid-market to luxury segments in Mumbai, where typical apartments commence at over Rs 4 crore. Emaar's initial venture in the region involves an 84-villa community in Alibag. With significant infrastructure progress in Mumbai, Emaar is poised to capitalize on the city's growth.

(With inputs from agencies.)