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Emaar Properties has confirmed it will retain full ownership of Emaar India and is considering joint ventures with major Indian groups like Adani instead of selling its stake. The developer had entered India in 2005 with MGF Development, investing around INR 8,500 crore, before demerging in 2016. Emaar India today operates projects across several key cities. Despite reporting a net loss in the 2024 financial year, its revenues increased significantly from the previous year. Globally, Emaar continues to hold a large land bank, with more than 122,000 units delivered since 2002, including iconic projects such as the Burj Khalifa.
Dubai-based Emaar Properties has clarified that it will not sell any part of its stake in Emaar India. Instead, the company is looking at the option of forming joint ventures with large Indian business groups, including the Adani Group. The statement was made in a regulatory filing at the Dubai Financial Market, where Emaar said it is no longer considering a stake sale and is instead examining partnerships with established Indian companies. Advertisement
Emaar had entered the Indian real estate market in 2005 through a joint venture with MGF Development. At that time, it invested about INR 8,500 crore in the combined venture, which was named Emaar MGF Land. The partnership continued until 2016, when Emaar decided to separate from MGF through a demerger process. Since then, Emaar India has been operating independently.
The company's Indian portfolio includes residential and commercial projects in several major cities such as Delhi-NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur. These developments form a significant part of its overall presence in the country.
The Adani Group, which is being considered as a possible joint venture partner, is already active in the Indian real estate sector through its entities Adani Realty and Adani Properties. Adani has also taken on large redevelopment projects, including the Dharavi redevelopment in Mumbai, which is among the largest urban renewal projects in Asia.
Globally, Emaar Properties PJSC is among the major real estate developers with operations across the Middle East, North Africa, and Asia. It holds a land bank of about 1.7 billion square feet spread across the UAE and other key international markets. Since 2002, the company has delivered more than 122,000 residential units worldwide. Its major projects include landmarks such as the Burj Khalifa and the Dubai Mall in Dubai.
Emaar's recent financial disclosures provide additional context to its decision. For the financial year ending in 2024, Emaar India reported a net loss after tax of about INR 1,340.8 million. However, revenues during the same period grew to about INR 29,137 million, compared with approximately INR 18,319 million in the previous year, showing a clear rise in business activity.
The company has also said it continues to evaluate strategic opportunities in its international portfolio to enhance returns for shareholders. It added that there is no current transaction related to stake sale in India. Emaar highlighted that any future investment decisions would be based on maintaining a strong balance sheet and delivering consistent returns, including dividends, to its shareholders.
Source PTI
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