Emaar-MGF plans 12-billion-dollar investment in India

Jun 2, 2007, 12:47 GMT

New Delhi - Dubai-based real estate firm Emaar Properties and its Indian partner the MGF group plans to invest more than 12 billion dollars in projects in India over the next five years, a news report said Saturday.

The projects include those in the housing sector, hospitality, commercial and retail, education and healthcare and IT parks and special economic zones.

'Emaar-MGF is working towards making a significant difference to Indian lifestyle through world-class development,' Emaar-MGF executive vice-chairman Shravan Gupta told the IANS news agency.

'It is our vision to change the way modern India lives. We have brought the largest-ever foreign investment in the real estate sector in India,' he added.

The Emaar-MGF venture has made its first foray into real estate with the foundation stone of Mohali Hills - a 160-billion-rupee (3.94-billion-dollar) project near the northern city of Chandigarh in Punjab state - being laid Thursday.

Mohali Hills will be followed by similar integrated township projects in two other cities in Punjab. Each project will be spread over 400 acres.

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.