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EmaarMGF to invest Rs 12,000 cr in south
May 31, 2008 01:41 IST
EmaarMGF Land, a joint venture between Emaar Properties PJSC of Dubai and MGF Developments of India, is planning to invest $3 billion (Rs 12,000 crore) in 10 locations across south India over the next few years.
The venture will develop residential, commercial, retail, IT, SEZs and hospitality facilities across 31 million square feet (sft) land in Chennai, Coimbatore, Mysore, Mangalore and Kochi. The company has a nationwide land bank of 13,000 acres, including 1,500 acres in south India, EmaarMGF chief executive officer, William R Rattazzi, told the media at the launch of $1.4 billion (Rs 5,600 crore) 'Boulder Hills Golf & Country Club' leisure and residential community project in Hyderabad.
The company is planning an initial public offering (IPO) after withdrawing its plans in February. "This (IPO) should take place in 12-18 months depending on market conditions. The size and price of the issue would depend upon 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.
It has a fully operational 192-acre championship golf course designed by Harradine Golf, the Switzerland-based company that designed over 200 golf course projects in Europe, Africa and Asia.
The first phase of Boulder Hills comprises 703 residential units with a mix of single and multi-family units. It will be home to a special economic zone with a built-up area of 3 million sft and 'The Mall of Hyderabad' spread over 13 acres.
The mall is expected to be completed by 2010.
In the residential space, according to Rattazzi, EmaarMGF will develop luxury and super luxury gated communities and townships over 20.5 million sft. In the retail arena, the company will develop 3 million sft top-tier retail space across its southern locations. The company will introduce the 'Mall of the City' series wherever it goes.
EmaarMGF also has plans to introduce luxury and boutique properties at Andhra Pradesh in association with Four Seasons and Marriot International.
The company is planning to have 30,000 rooms in the hospitality sector over the next five years.