After launching projects in North India, Emaar India now plans to foray into the Mumbai real estate market and invest ₹2,000 crore in the next few years. The company on October 21, launched a villa project in Alibag near Mumbai.
“Mumbai real estate market is a deep and mature market. In the coming years, we plan to invest ₹2,000 crore in the city. We are open to redevelopment projects of old buildings in Mumbai,” Kalyan Chakrabarti, CEO of Emaar India.
“We are open to all localities in Mumbai. I would like something in Bandra, Andheri. We are keen on developing projects in the mid and luxury segment of the Mumbai real estate market,” said Chakrabarti.
The company is present in India since 2005 and active in cities like Gurugram, Mohali, Indore, Lucknow, Hyderabad, said Chakrabarti.
Post Covid-19, several real estate developers have entered the Mumbai market. This includes, Bengaluru-based Puravankara, Prestige Group, Delhi NCR’s DLF among others.
As far as the company’s Alibag launch is concerned, the 84 villas project is spread across a 25 acre-land parcel with each of the units priced at ₹9 crore to ₹15 crore. The revenue potential from the project is likely to be around ₹700 crore, the company said.
The company said that it plans to launch the project named Casa Venero with 84 villas across a 25 acres land parcel. According to the company, the project will be located near Kihim Beach in Alibag with sizes ranging from 5,120 sq ft to 3,314 sq ft.
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Buyers’ interest from Mumbai, Dubai and Delhi
According to the company, around 80% buyers are expected to be from Mumbai, including South Mumbai.
“Around 80% of the buyers are expected to be locals. We are also getting interest for villas from Dubai and Delhi. Some customers are also looking for first homes in Alibag. Alibag has the potential to become the first home destination in the coming years,” Chakrabarti said.
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“Our property is located near the Mandwa jetty from where one can take a RORO ferry or a speed boat to south Mumbai. We are excited to build a residential space that echoes international standards of luxury and the serene charm of Alibag. We are elated to introduce this unique concept to the Maharashtra real estate market, and we look forward to welcoming residents to experience the pure living that Casa Venero has to offer,” Chakrabarti added.
Alibag to become a first home destination?
Alibag is currently a second home option for several high net worth individuals and Bollywood stars who have invested in plots and villas in Alibag. Post Covid-19, the upper middle class segment has also been investing in land across several holiday destinations, according to real estate brokers.
Real estate experts are of the opinion that in the coming years Alibag has the potential to become a first home destination.
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“Alibag has the potential to evolve from a holiday home destination into a primary home market over the next 10-15 years as social and physical infrastructure in the region continues to develop. For several South Mumbai residents, Alibaug is already like an extension of Mumbai and many use their homes in Alibag as a primary residence,” said Nibhrant Shah, Managing Director and Co-CEO of Isprava Group.
