Emaar-MGF brings largest FDI in real estate to India

Dubai, UAE, December 16, 2005: Emaar-MGF Land Private Limited, a joint venture company formed by Emaar Properties PJSC - the world’s largest listed real estate company, and MGF Developments Limited of India today announced India’s largest FDI in real estate amounting to over half a billion dollars for projects with a capital outlay of US$4 billion (Rs 18,000 crore). The projects are planned for Delhi, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra.

Inaugurating the India Office of Emaar-MGF in New Delhi on Thursday, Chairman of Emaar Properties, Mr Mohamed Ali Alabbar said: “This joint venture is symbolic of the coming together of two countries to develop world class facilities, services and living spaces at a time when India is emerging as one of the world’s favoured destinations for investments, market and tourism. We hope through the joint venture to be a part of this historical transition of India into a great global hub.”

“This joint venture is also in line with our expansion strategy of pursuing collaborations with partners and targeting opportunities in Saudi Arabia, Egypt, Jordan and Morocco as well as other international markets. Emaar has been a pioneer in driving growth in the regional real estate market, introducing the concept of gated communities, property purchase on freehold as well as innovative marketing and financing initiatives,” Mr Alabbar said.

Speaking at the opening, Managing Director of Emaar-MGF, Mr Shravan Gupta said, “This is an epochal moment for the Indian real estate industry. The partnership is not merely about investment. It is about bringing in technology, expertise and scale. We are looking at integrated communities and homes which will make a real impact on the lives of the people. With India poised to maintain a healthy seven per cent plus GDP growth over the next 20 years and the world beating a path to India, we believe that we can make a significant contribution in strengthening the infrastructure of the country. In a sense, this is the beginning of an infrastructure revolution, much akin to the telecom revolution which has changed the connectivity landscape of India in the past decade.”

The communities will be designed and constructed by architects and contractors of international standing and supported by various experts in the fields of planning, construction, transportation, utility, environment and other infrastructure.

Communities will include residential plots, town houses and villas along with convenient shopping, landscaped gardens, civic facilities and amenities. They will also provide for the opening of international standard offices and IT parks which in turn will give a fillip to industry, business and IT in the State. With a view to make available to residents medical care, education and recreation, some of the planned communities will have hospitals, schools and colleges.