By Jaideep Sarin
IANS
Chandigarh : The joint venture between Dubai-based construction major Emaar and MGF of India, which has announced an integrated township near Chandigarh, are targeting an investment of $12 billion in India over the next five years.
Emaar-MGF executive vice chairman and managing director Shravan Gupta said here that the projects lined up in the joint venture were in six verticals – residential, hospitality, commercial and retail, education, healthcare and IT parks and special economic zones (SEZs).
"Emaar-MGF is working towards making a significant difference to Indian lifestyle through world-class development. It is our vision to change the way modern India lives. We have brought the largest-ever FDI in the real estate sector in India," he pointed out.
The Emaar-MGF joint venture has made its first foray in real estate with the foundation stone of Mohali Hills – a Rs.160 billion (Rs.16,000 crore) project at Mohali, a satellite town of Chandigarh in Punjab – being laid Thursday.
Leading Australian construction giant Leighton Developers will execute Mohali Hills and other projects of the joint venture with international standards.
The new sectors in Mohali Hills will have Spanish architecture adapted to Indian conditions and requirements.
Mohali Hills will be followed by similar integrated township projects in Jalandhar and Ludhiana in Punjab. Each project will be spread over 400 acres.
Gupta said that the three new sectors in Mohali would have 10,000 dwelling units in the first phase, to be completed in two years.
"We are aiming at making world-class structures of such size, scale and magnitude that have not been witnessed (in India) so far. We want to change the way that business of realty is done here," he added.
Emaar-MGF has also tied up with Accor, global leaders in economy and budget hotels, to set up 1,000 budget hotels in India under the brand name Formule 1 in the next 10 years.
The joint venture has nine SEZ proposals, including one each near Hyderabad and Gurgaon.