Emaar India Enters Mumbai Real Estate Market with Luxurious Villa Project in Alibag
Emaar India, a prominent real estate developer, has expanded its footprint into the Mumbai market with a significant investment of ₹2,000 crore. The company recently launched an exclusive villa project in Alibag, priced starting at ₹9 crore.
Emaar IndiaMumbai Real EstateAlibag Villa ProjectLuxury Real EstateReal Estate InvestmentReal Estate NewsOct 21, 2024
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.
Frequently Asked Questions
How much is Emaar India planning to invest in the Mumbai real estate market?
Emaar India plans to invest ₹2,000 crore in the Mumbai real estate market over the next few years.
What is the name of the new villa project in Alibag by Emaar India?
The new villa project in Alibag by Emaar India is named Casa Venero.
What is the price range of the villas in the Casa Venero project?
The villas in the Casa Venero project are priced between ₹9 crore and ₹15 crore.
Which areas in Mumbai is Emaar India interested in for its projects?
Emaar India is particularly interested in areas like Bandra and Andheri for its projects in the mid and luxury segments.
What is the estimated revenue potential from the Casa Venero project?
The estimated revenue potential from the Casa Venero project is around ₹700 crore.
Related News Articles
Budget 2024: Government's Focus on Housing Sector to Stimulate Real Estate Market
The Union Budget 2024 has provided a significant boost to the real estate sector, with a focus on urban development and affordable housing.
Revitalising India's Urban Landscape: The Rise of Redevelopment
India's real estate sector is witnessing a new trend as redevelopment gains momentum in major cities like Mumbai, Delhi-NCR, Surat, and Bengaluru.
Rajiv Bajaj's Rishabh Family Trust Acquires Prime Land in Pune for Rs 72 Crore
In a significant real estate deal, Rishabh Family Trust, one of the prominent family trusts managed by Rajivnayan Bajaj, has purchased a land parcel in Pune's upscale Koregaon Park for a whopping Rs 72 crore.
Trump Organisation Joins Forces with Dar Global for Luxurious Real Estate Ventures in Riyadh
The Trump Organisation, a renowned real estate firm, has partnered with Dar Global to launch new luxury projects in Riyadh. This collaboration builds on their previous successful ventures, including a golf resort in Oman and projects in Dubai and Jeddah.
From Setback to Success: Kiran Joshua and the Rise of Bhandhan Properties
In Bengaluru, the real estate industry is often marred by fraudulent practices, but Kiran Joshua's journey with Bhandhan Properties stands out as a beacon of trust and growth.
New Tax Regime: An Advantage for Gen X - Money News
The new tax regime introduced by the government aims to benefit Gen X by only taxing incomes above ₹12 lakh. This has significant implications for real estate investments like Airbnb rentals.