Emaar India Expands to Mumbai Real Estate, Launches Luxurious Villas in Alibag
Emaar India, a renowned real estate developer, is set to enter the Mumbai real estate market with a significant investment of ₹2,000 crore. The company has already launched a villa project in Alibag, priced from ₹9 crore to ₹15 crore.
Mumbai Real EstateEmaar IndiaAlibag VillasCasa VeneroLuxury Real EstateReal Estate MumbaiOct 21, 2024
Kalyan Chakrabarti, CEO of Emaar India, stated, “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.” Chakrabarti added that the company is interested in all localities, particularly in areas like Bandra and Andheri, with a keen eye on the mid and luxury segments of the market.
Emaar India has a significant presence in India since 2005, actively developing projects in cities like Gurugram, Mohali, Indore, Lucknow, and Hyderabad. Post-Covid-19, the company has noticed a surge in interest from buyers in the Mumbai market, leading to this strategic expansion.
As a part of its Mumbai foray, Emaar India launched a villa project named Casa Venero in Alibag, located near Mumbai. The project, spread across a 25-acre land parcel, consists of 84 luxurious villas priced from ₹9 crore to ₹15 crore. The revenue potential from this project is estimated to be around ₹700 crore.
According to Chakrabarti, around 80% of the buyers are expected to be from Mumbai, including South Mumbai. “Around 80% of the buyers are expected to be locals. We are also getting interest for villas from Dubai and Delhi. Some customers are also looking for first homes in Alibag. Alibag has the potential to become the first home destination in the coming years,” he said.
Casa Venero will be located near Kihim Beach in Alibag, with villas ranging in size from 5,120 sq ft to 3,314 sq ft. The project is conveniently located near the Mandwa jetty, where residents can take a RORO ferry or a speed boat to South Mumbai. Chakrabarti expressed excitement about the project, stating, “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.”
Alibag, a popular holiday destination for high net worth individuals and Bollywood stars, has seen increased interest from the upper middle class post-Covid-19. Real estate experts believe that with the development of social and physical infrastructure, Alibag has the potential to evolve into a primary home market over the next 10-15 years.
Nibhrant Shah, Managing Director and Co-CEO of Isprava Group, commented, “Alibag has the potential to evolve from a holiday home destination into a primary home market over the next 10-15 years as social and physical infrastructure in the region continues to develop. For many South Mumbai residents, Alibaug is already like an extension of Mumbai, and many use their homes in Alibag as a primary residence.”
Emaar India's entry into the Mumbai real estate market is a significant move, reflecting the growing demand for luxury and mid-segment properties in the city. The company's strategic investment and project launches are expected to contribute to the dynamic real estate landscape of Mumbai and the surrounding regions.
Frequently Asked Questions
How much will Emaar India 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.
Where is the new villa project Casa Venero located?
The new villa project Casa Venero is located in Alibag, near Kihim Beach, on a 25-acre land parcel.
What is the price range of the villas in Casa Venero?
The villas in Casa Venero are priced from ₹9 crore to ₹15 crore.
Who are the primary buyers for the villas in Casa Venero?
Around 80% of the buyers are expected to be locals from Mumbai, including South Mumbai. There is also interest from buyers from Dubai and Delhi.
What is the potential revenue from the Casa Venero project?
The revenue potential from the Casa Venero project is estimated to be around ₹700 crore.
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