Emmar House
In order to boost its business in the real estate sector of India, Emaar MGF Land Ltd, which is a joint venture between Dubai-based Emaar Properties (PISC) and India's MGF Development Ltd, has decided to invest Rs. 8,000cr in building affordable houses across the country thereby pushing its profitability. In addition, the player is also looking at expanding its hospitality business in the country, Chief Executive Officer, Projects, K Ramamurthy, said in recent statement, adding that the builder, which has around 11,000 acres of land, is very optimistic on affordable housing market of the country to drive growth even as luxury projects remain an important business segment for the developer.

Elaborating further he said adding that the player is looking at affordable housing as one of the areas where it can exploit the available opportunities to the hilt as work on some of the targeted project has already been started. In fact, the builder has land in Jasola, New Delhi, where it is likely to build about nearly 200,000 sq. ft of low-rise structures governed by the Delhi Urban Art Commission. In Gurgaon, it has started building two projects consisting of luxury residential apartments with 850 plus units and a hotel with 3 million sq.ft area. That apart it also has hotel properties in Jaipur and Hyderabad and is looking at similar projects in Coimbatore, Chennai and Goa and currently negotiations are on with joint venture partners for operating these properties, he added.