In December 2005, Emaar-MGF hit the headlines with the largest FDI in real estate. Over half a billion dollars with a capital outlay of USD 4 billion, (Rs. 18,000 crore) was pledged towards the development of real estate projects in India. Since the coming together of the highly credible Emaar Properties PJSC of Dubai, and MGF Developments Limited, Emaar-MGF combine has firmly established itself as one of the frontrunners in the Indian real estate business.
The partnership is hugely promising and hopes to usher in a Real Estate revolution in India by offering world class facilities, services and living spaces through cutting-edge technology, expertise and scale. It plans to steer Indian Real Estate to global heights of excellence.
The joint venture brings world class expertise to the execution of projects the company has in the residential, commercial and hospitality segments. Initiated from Punjab, Emaar-MGF projects are on the move in 30 cities including Delhi NCR, Andhra Pradesh, Karnataka, Tamil Nadu, Kerala, West Bengal, Gujarat and Maharashtra.
Headquartered in New Delhi, Emaar-MGF is eminently engaged in pan-India projects in residential, commercial, infrastructure and hospitality sectors as well as in Special Economic Zones (SEZ).
The key elements of its business strategy are:
- To diversify and create value in every chosen business activity, including hospitality, leisure, retail, education, healthcare, finance and industry and nurture them.
- To ensure sustainable development in the building process.
- To constantly monitor and improve new technology and innovations, both internationally and locally in order to improve product efficiency and economy.
- To make concerted efforts in delivering products and services that thrives on international expertise and global scale of operations to customers.
World-class townships are the Group’s USP, committed to international standards and equipped with recreational, educational and medical facilities. Commercial spaces would be an integral part of the township project at every location.
Working on each project is a dedicated team of architects and contractors of an international standard, with a team of experts on planning, construction, transport, utility and environment. Emaar Properties has been acclaimed as the Best Overall Developer in the UAE by industry peers for the Gulf Real Estate Awards in 2005. The company has been voted on its high quality, profitability and innovation in completed and ongoing projects.
The Story Behind Emaar MGF
Established in 1997, Emaar Properties Public Joint Stock Company carries the expertise of high profile projects executed in the world’s richest city. Listed on the Dubai Financial Market and a key element of the Dow Jones Arabia Titans Index, Emaar registered a 13% growth in net profit in the 1st quarter of 2007 and its revenue has surged by 74% over the previous year. The market value of shares as on March 31, 2007 is worth Dh 4.5 billion.
Emaar has built over 14,500 homes, and the Downtown Burj Dubai project worth AED 73 billion, which includes the ongoing Burj Dubai tower, the tallest in the world, and the Dubai Mall are some of its most prestigious ventures. Emaar is working on international projects in Saudi Arabia, Egypt, Syria, Pakistan, Jordan and Turkey.
India is a vital market for Emaar, and the company has committed USD 1 billion towards development of real estate projects across metros and Tier II cities.
MGF Developments Limited, a division of the MGF Group, has been in the motor hire purchase and leasing business for the last seven decades in India. MGF has several shopping malls in its portfolio, with Gurgaon’s Metropolitan and MGF Plaza in Gurgaon and the City Square Mall as its landmark projects.