| Kippreport.com

Emaar

October 5, 2008 6:01 by kippreport

Emaar’s foray into the world’s second most populous country hit a snag in February when its local joint venture had to call off its planned IPO as markets sagged. Emaar’s Indian adventure is taking place together with Indian developer MGF Developments Limited, a company with over 70 years of experience on the subcontinent, in a joint venture called Emaar MGF. Projects are planned for Delhi, Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra and elsewhere, including the purpose-built residential community Commonwealth Games Village in the capital and a series of low-rise luxury homes in the Mohali Hills near Chandigarh, the capital of Punjab state. The company’s CEO told Hindu Business Line recently that customer response in the Punjab region is higher than elsewhere in the country, so Emaar MGF may be looking to divert more of its resources to the northern state.

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