Emaar Properties Eyes Joint Ventures with Adani Group, Others in Indian Real Estate
Dubai-based Emaar Properties has made it clear that it will not sell stakes in its Indian entity. However, the company is considering forming joint ventures with significant business houses in India, including the Adani Group. This strategic move underscores Emaar's commitment to the Indian real estate market, despite previous challenges.
In a regulatory filing on September 18 at the Dubai Financial Market, Emaar Properties stated, “The company is no longer considering the sale of any stake in its Indian entity. Alternatively, the company is considering joint ventures with other large companies/groups in India, including the Adani Group.”
Emaar Properties entered the Indian real estate market in 2005 in partnership with India’s MGF Development. The company invested around Rs 8,500 crore through the joint venture firm Emaar MGF Land. However, in April 2016, Emaar Properties decided to end the joint venture through a demerger process.
Emaar India boasts a substantial portfolio of residential and commercial spaces across major cities, including Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur. The company’s presence in these key markets highlights its strategic focus on high-growth areas.
Adani Group, a prominent Indian conglomerate, is actively involved in the real estate market through its unlisted entities, Adani Realty and Adani Properties. The group has secured redevelopment projects, including the massive Dharavi slum in Mumbai, which is one of Asia’s largest. This synergy between Emaar and Adani could lead to significant opportunities in the Indian real estate sector.
Emaar Properties PJSC is one of the leading real estate companies in the world, with a significant presence in the Middle East, North Africa, and Asia. The company owns a land bank of about 1.7 billion square feet in the UAE and key international markets. Emaar has delivered over 122,000 residential units in Dubai and other global markets since 2002.
Some of Emaar’s most iconic projects include the Burj Khalifa, the world’s tallest building, and the Dubai Mall, which are global landmarks. These projects exemplify Emaar’s expertise in large-scale, high-impact developments.
The potential joint venture with the Adani Group and other major Indian players could open new avenues for Emaar in the Indian market, allowing the company to leverage its global experience and local expertise to deliver innovative and sustainable real estate solutions.
