Emaar India Enters Mumbai Real Estate Market with Luxury Villas in Alibag
Emaar India is making a significant move into the Mumbai real estate market with plans to invest ₹2,000 crore over the next few years. The company has recently launched a luxury villa project in Alibag, starting at ₹9 crore.
Emaar IndiaMumbai Real EstateAlibag VillasLuxury Real EstateRedevelopmentReal EstateOct 21, 2024
Kalyan Chakrabarti, CEO of Emaar India, stated, “Mumbai is a deep and mature market. We plan to invest ₹2,000 crore in the city and are open to redevelopment projects of old buildings. Our focus will be on all localities, particularly Bandra and Andheri.” Emaar India has been active in India since 2005, with a presence in cities like Gurugram, Mohali, Indore, Lucknow, and Hyderabad.
The new project, named Casa Venero, is a 25-acre land parcel in Alibag, featuring 84 luxury villas. The villas, priced between ₹9 crore and ₹15 crore, are located near Kihim Beach and offer sizes ranging from 5,120 sq ft to 3,314 sq ft. The project has a revenue potential of around ₹700 crore, according to the company.
According to Chakrabarti, around 80% of the buyers are expected to be from Mumbai, including South Mumbai. There is also significant interest from buyers in Dubai and Delhi. Some customers are even considering these villas as their first homes in Alibag. “Alibag has the potential to become a first home destination in the coming years,” Chakrabarti noted.
The project's location near the Mandwa jetty provides easy access to South Mumbai via RORO ferry or speed boat. Chakrabarti expressed excitement about building a residential space that combines international luxury standards with 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,” he added.
Alibag, currently a popular second home destination for high net worth individuals and Bollywood stars, is seeing increasing interest from the upper middle class post-Covid-19. Real estate experts predict that Alibag has the potential to evolve into a primary home market over the next 10-15 years as infrastructure in the region continues to develop. Nibhrant Shah, Managing Director and Co-CEO of Isprava Group, commented, “For many South Mumbai residents, Alibag is already an extension of Mumbai and is being used as a primary residence.”
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 launched by Emaar India in Alibag?
The new villa project launched by Emaar India in Alibag is named Casa Venero.
What is the price range for the villas in Casa Venero?
The villas in Casa Venero are priced between ₹9 crore and ₹15 crore.
Where is the Casa Venero project located?
The Casa Venero project is located near Kihim Beach in Alibag, on a 25-acre land parcel.
What is the potential revenue from the Casa Venero project?
The potential revenue from the Casa Venero project is estimated to be around ₹700 crore.
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