GURUGRAM, India – Emaar India expects to generate approximately Rs 34 billion in revenue from its newly launched luxury residential project, Urban Ascent, in Sector 112 of Gurugram, as published by Construction World.
Spanning 9.2 acres, the development will feature 816 apartments and is being built under a joint development agreement with landowners.
CEO Kalyan Chakrabarti said the company is investing Rs 16 billion in the project, which incorporates green building practices. Apartments are priced between Rs 25 million and Rs 60 million, with completion expected within four to five years.
The demand for luxury housing in Delhi-NCR remains robust among both end-users and investors. V S Realtors founder Vijay Harsh Jha noted that Emaar’s recent project along Dwarka Expressway saw greater demand than the available inventory, spurred by the expressway’s completion.
In November 2024, Emaar launched Amaris in Sector 62, Golf Course Extension Road, Gurugram, with a Rs 10 billion investment, excluding land costs. The 6.2-acre project includes 522 apartments and has a development potential of 1.5 million square feet.
According to PropTiger, residential sales in Gurugram surged to 4,864 units in the October-December 2024 quarter, more than doubling from 1,995 units in the same period the previous year.
Emaar Properties entered the Indian market in 2005 through a joint venture with MGF Development, investing Rs 85 billion. However, in April 2016, the company demerged from MGF, taking full control of its operations in India. Emaar India now has a portfolio spanning Delhi-NCR, Mohali, Lucknow, Indore, and Jaipur across both residential and commercial segments.