Emaar MGF Launches Mid-Income Housing Project "Palm Hills" in Gurgaon
Emaar MGF Land, a prominent real estate developer in India, has announced its latest venture in the National Capital Region (NCR) with the launch of Palm Hills, a mid-income family housing project. Strategically situated on NH-8 in Sector 77, Gurgaon, this development offers a prime location with scenic views of the majestic Aravalli Hills, just a short 20-minute drive from Delhi's International Airport.
Project Details and Investment
The expansive project spans across an impressive 29 acres and represents a significant investment of Rs 500 crore by Emaar MGF. The development promises approximately 1,250 residential units surrounded by verdant landscaped areas, incorporating elements of distinctive Spanish architectural styling. Emaar MGF anticipates the project to create an estimated value of up to Rs 3,850 crore, having already sold over 650 of the total units in its first phase alone for a starting price of Rs 48 Lacs.
Unique Villa-Style Living
Palm Hills aims to redefine apartment living by offering a villa-like experience augmented by innovative design considerations. Comprising primarily of 3BHK (1,450 Sq ft) and 4BHK (1,950 Sq ft) apartments, the project emphasizes efficient floor plans with optional customization opportunities, affording flexibility to maximize the living space. The villa-like residences are outfitted with unique features not commonly provided by other real estate developers, further elevating their appeal.
Management Commentary
"The launch of Palm Hills marks the obligation of Emaar MGF to continuously develop properties with modern design concepts and gives the experience of living in a gated master planned community a new definition,” stated Mr. Shravan Gupta, Executive Vice Chairman and Managing Director, Emaar MGF. He also noted the project’s impressive early success, stating that “The exhilarating response on the very first day of the project launch is an indication to the predominating huge demand for quality housing in the mid-market segment”.
Emaar MGF's Growing Portfolio and Financial Strategy
The developer currently boasts substantial land reserves encompassing a considerable 11,340 acres, including the Commonwealth Games Village, further showcasing its significant footprint. Furthermore, the firm is actively engaged in a slate of 29 projects. As a joint venture between domestic firm MGF and Dubai-based Emaar Properties, the entity is strategically earmarking Rs 1,972 crore to partially defray outstanding debt exceeding Rs 5,800 crore, supplemented by a planned investment of Rs 276.8 crore toward development and license renewal charges for the forthcoming year. These financial maneuvers demonstrate Emaar MGF’s commitment to sustainable growth and development within the competitive Indian real estate market.