Emaar plans an ‘architecturally aesthetic’ structure for India
Emmar properties tied up with MGF to launch a joint venture in India in 2005. It is focused on high-end residential and commercial properties. Emmar’s most iconic creation is Burj Khalifa in Dubai.
The plan for an ‘architecturally aesthetic’ building is still in very initial stages. The company is talking with foreign designers and architects, informed Ramamurthy, chief executive (projects).
For around 2 years, the company battled with controversies related to delayed allocation of flats in Delhi’s Commonwealth Games (CWG) Village, a joint project with Delhi Development Authority, an enforcement directorate case on alleged foreign exchange violations, failed public offers and a Central Bureau of Investigation chargesheet regarding irregularities in a Hyderabad project.
The organisation has seen some major changes at the senior level. Ramamurthy joined six months ago and Adrian Hardwick Jones, chief of design, has also joined recently. Following the CWG project of 2010, the group did not launch or deliver a single project. It recovered in 2013 and delivered on partially on two projects in Jaipur (Rajasthan), Indore (Madhya Pradesh) and Mohali (Chandigarh). Ramamurthy informed that in 2014-15, the group will deliver eight projects launched earlier. It takes the help of third party contractors like Shapoorji Pallonji, IL&FS and JMC to complete the projects.
The company would like to maintain a ratio of 9:1 for high end residential and commercial projects that it chooses to undertake. It has a land bank of about 10,000 acres (including developed projects), of which 908 acres are in Delhi and 2,369 in Gurgaon. The total debt on the company is Rs. 40,000 crores, 60 per cent of which is long-term.
Sources: Business Standard
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