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Emaar Properties mulls joint ventures for India portfolio

Emaar Properties PJSC CEO for India Prashant Gupta told Press Trust of India that the company is in various stages of negotiations with local developers for potential partnerships related to its 4,500 acres of land in India.

Joint ventures are being considered for the land that Emaar "[does not] want to develop" in the country. Gupta was further cited in the Sept. 2 report as saying that land earmarked for potential partnerships will not be developed, co-branded nor bear the the Emaar brand. Emaar is prevented by foreign direct investment laws in India to sell the land, which is why the properties are being considered for team-ups.

The Dubai-based developer is planning to launch seven to eight projects within the 2019 calendar year, but the executive said the company's current focus is to complete the 10.00 billion-rupee development of 10,000 pending units by the end of the period.

As of Aug. 31, US$1 was equivalent to 70.88 Indian rupees.