Old projects of Emaar-MGF will be delivered by 2013
Emaar-MGF is looking at fast completion of its existing projects in India in the current financial year rather than launching new projects.
The main focus of the company is on business consolidation as several of its projects are running behind the schedule and the developer is reeling from a heavy debt burden.
Though some new projects would be launched in 2012-13, the key focus will remain on execution and delivery of the launched projects, said by a company official.
Emaar-MGF is also planning to sell few land parcels to reduce its debt amount which is around Rs 4100 crore.
Palm Drive, the luxury residential project in Gurgaon was launched in 2007 and it will take another year to complete. The other residential projects in Gurgaon are running behind the schedule.
The projects including Palm Hills, Emerald Hills, Palm Gardens and commercial ones like Digital Greens, Palm Square are running behind schedule.
As of now the company operates only in the high end or luxury segment and it has no plans to get into affordable housing.
The prominent projects delivered by Emaar-MGF are the CWG village flats in Delhi, Palm Springs in Gurgaon and Esplanade in Chennai.
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Source: Business Standard
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