Emaar India, a subsidiary of Dubai-based Emaar Properties, will invest 9 billion Indian rupees ($108.37 million) to develop luxury housing projects in Gurugram, a business hub near New Delhi.

The investment will be part of the company’s expansion plan over the next four years, Kalyan Chakrabarti, CEO of Emaar India, told state-run Press Trust of India.

The demand for luxury homes in all major cities, including Gurugram, is robust from both end users and investors, he added.

Emaar will launch more residential projects in Delhi-NCR and other locations in North India, where it owns the land bank.

Emaar Properties entered the Indian property market in 2005 in partnership with India’s MGF Development and invested Rs 85 billion through the joint venture firm Emaar MGF Land, the report said.

In April 2016, Emaar Properties ended the joint venture through demerger.

Chakrabarti said the demerger process concluded in 2018, although “some residual” issues persist with the former JV partner and are currently undergoing resolution. 

(Editing by Brinda Darasha; brinda.darasha@lseg.com)