EmaarMGF to invest $3 bn in South India

News Flash

BUY OR SELL: Email us at buyorsell@ndtv.com
BUY OR SELL: SMS BOS < space > stock query at 56388
BUY OR SELL: Call us at 011-26201171
Stock updates: SMS STO followed by scrip name to 56388
SMS INDEX to 56388 for live market updates
Stock moves on WAP: Logon to mobile.ndtv.com on mobile phone
Finance buzz: Logon to mobile.ndtv.com on GPRS browsers
For Kingfisher Airlines flight updates sms KING to 56388
MARKETS LAST WEEK: SMALLCAP STARS: S KUMARS UP 33.8%, PIRAMAL LIFE UP 32%, MSK PROJ UP 22%
MARKETS LAST WEEK: NIFTY GAINERS: IDEA UP 14.2%, RIL UP 7.1%, RCOM UP 6.7%, HINDALCO UP 6.3%
MARKETS LAST WEEK: OIL & GAS, METAL INDEX UP 3.5% EACH, I.T. INDEX UP 3.3%, HEALTHCARE UP 2.7%
MARKETS LAST WEEK: CNX MIDCAP INDEX UP 1.25%, BSE SMALLCAP INDEX UP 0.74%
MARKETS LAST WEEK: SENSEX UP 2.4%, NIFTY UP 2.45% FOR THE WEEK
U.S MKTS ON FRIDAY: BOA DOWN 1.5%, JPM DOWN 0.4% AS CONGRESS MAKES FINANCE-REFORM BILL
U.S MKTS ON FRIDAY: MARKETS BREAK 8-DAY WINNING STREAK; BUT GAIN MORE THAN 1% FOR THE WEEK
U.S MKTS ON FRIDAY: GOOGLE DOWN 1% AMID REPORTS OF CLOSURE OF CHINESE WEBISTE
U.S MKTS ON FRIDAY: ENERGY & MATERIAL STOCKS WERE WORST PERFORMING SECTORS FOR THE WEEK
U.S MKTS ON FRIDAY: TELECOM & INDUSTRIALS BEST PERFORMERS FOR THE WEEK
U.S MKTS ON FRIDAY: MARKETS BREAK 8-DAY WINNING STREAK; GAIN MORE THAN 1% FOR THE WEEK
U.S MKTS ON FRIDAY: S&P 500 INDEX DOWN 0.51% TO 1,160 AT CLOSE ON FRIDAY
U.S MKTS ON FRIDAY: DOW JONES FALLS 0.35% TO 10,742; NASDAQ LOWER BY 0.71% TO 2,374
BANKING SECY: EXPECT CREDIT GROWTH OF 20% IN FY2010-11
BANKING SECY: RBI TO COME OUT WITH GUIDELINES FOR NEW BANK LICENSES SOON
OP BHATT SAYS: WANT 49% STAKE IN TATA MOTORS FINANCE, COMFORTABLE WITH 20-30% ALSO
VIEWS ON RATE HIKE: SBI: TO TAKE CALL ON LENDING RATES POST APRIL POLICY: OP BHATT
VIEWS ON RATE HIKE: OP BHATT: RBI MAY TIGHTEN KEY RATES IN APRIL POLICY AS WELL
VIEWS ON RATE HIKE: OP BHATT: BANKING SYSTEM CURRENTLY AWASH WITH LIQUIDITY
VIEWS ON RATE HIKE: UNITECH: SEE NO MAJOR HIT ON REALTY DEMAND POST RATE HIKE
VIEWS ON RATE HIKE: PURVANKARA: 25 BPS RATE HIKE MAY NOT NOT HIT REALTY DEMAND SHARPLY
VIEWS ON RATE HIKE: DLF: RBI RATE HIKE TO CURB DEMAND FOR REAL ESTATE

Updated: 31/05/2008 | 01:23 PM IST

Top Stories

Indo Asian News Service

Saturday, May 31, 2008 (Hyderabad)

Blog

Comments:

Read (0)

Post

Rate the story

EmaarMGF, one of India's leading real estate developers, has announced plans to invest $3 billion at 10 cities in south India over the next few years.

It plans to develop over 31 million square feet area in Hyderabad, Tirupati, Chennai, Coimbatore, Cochin, Mysore and Mangalore.

The plans span residential, commercial and retail, IT parks and special economic zones (SEZs) and hospitality sectors.

The company made the announcement while unveiling an integrated world-class leisure and residential community around an 18-hole golf course built with an investment of $1.4 billion (Rs.56.10 billion) in Hyderabad.

The unique project, first among several projects planned in south India, boasts of world-class golf course, luxury residences, large format retail facility, luxury and boutique hotels and IT SEZ.

EmaarMGF, a joint venture of Dubai-based Emaar Properties and MGF Development, developed the 'Boulder Hills Golf & Country Club' on 531 acres in the heart of the IT corridor in Gacchibowli.

The picturesque golf course, spread over 192 acres, is dotted with the peculiar Deccan plateau rocks and several lakes.

The project will have 110 luxury villas with a price tag of Rs.150 million to Rs 240 million. The integrated township will have 2,700 units, with 703 units in the first phase. The developers said many luxury units were already sold out.

"The most unique thing about this community is this is the only one of its kind in the country to be built around 18-hole golf course," said EmaarMGF CEO William R. Rattazzi.

The IT SEZ called "IT Green" will have a built-up area of three million square feet and was expected to provide 37,000 jobs.

In the special purpose vehicles (SPV) for the project, EmaarMGF holds 74 percent stake while Andhra Pradesh Industrial Infrastructure Corp (APIIC) holds 26 percent.

EmaarMGF (south) CEO Srikant Joshi said the company has a land bank of 13,000 acres in 26 cities across India. It has 1,500 acres in south India alone.

To a query, Rattazi said EmaarMGF might revive its plans to go public in 12 to 18 months.