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Emaar India Enters Mumbai Real Estate Market with Luxurious Villa Project in Alibag

By GeoSquare News Desk · Published 2024-10-21

Emaar India, known for its iconic projects in North India, is now set to enter the Mumbai real estate market with a substantial investment of ₹2,000 crore over the next few years. The company has officially launched a luxurious villa project in Alibag, located near Mumbai, on October 21, 2023.

Kalyan Chakrabarti, CEO of Emaar India, expressed his enthusiasm about the venture, stating, “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.” The company is actively exploring various localities, with a particular interest in Bandra and Andheri, focusing on mid and luxury segment projects.

Emaar India has been a prominent player in the Indian real estate market since 2005, with notable projects in cities like Gurugram, Mohali, Indore, Lucknow, and Hyderabad. The recent expansion into Mumbai aligns with the company’s strategic growth plans, especially in the wake of the post-Covid-19 real estate boom.

The new villa project, named Casa Venero, is spread across a 25-acre land parcel in Alibag and features 84 villas. Each villa is priced between ₹9 crore and ₹15 crore, offering sizes ranging from 3,314 sq ft to 5,120 sq ft. The project’s revenue potential is estimated to be around ₹700 crore, as per the company’s projections.

Casa Venero is strategically located near Kihim Beach, providing residents with easy access to the Mandwa jetty, from where they can take a RORO ferry or a speed boat to South Mumbai. Chakrabarti emphasized, “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 look forward to welcoming residents to experience the pure living that Casa Venero has to offer.”

The project has already garnered significant interest from Mumbai, Delhi, and Dubai. According to Chakrabarti, around 80% of the buyers are expected to be locals from Mumbai, including South Mumbai. The company is also witnessing interest from high net worth individuals in Dubai and the upper middle class in Delhi. Some customers are even considering these villas as their primary homes, a trend that real estate experts believe will continue to grow.

Alibag, currently a popular second home destination, is expected to evolve into a primary home market over the next 10-15 years. Nibhrant Shah, Managing Director and Co-CEO of Isprava Group, noted, “Alibag has the potential to evolve from a holiday home destination into a primary home market as social and physical infrastructure in the region continues to develop. For many South Mumbai residents, Alibag is already like an extension of Mumbai, and many are using their homes in Alibag as primary residences.”

Emaar India’s foray into the Mumbai real estate market with the Casa Venero project marks a significant milestone in the company’s growth strategy. The project not only caters to the luxury and mid-segment market but also contributes to the evolving real estate landscape in Alibag, positioning it as a potential first home destination.