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Emaar's India unit eyeing up to 4B rupees for ongoing projects

Emaar Properties PJSC's Indian subsidiary, Emaar India, is aiming to raise up to 4.00 billion Indian rupees through banks and financial institutions over the next six months to expedite and complete its ongoing projects, The Economic Times of India reported, citing CEO Sanjay Malhotra.

According to the report, the developer has already raked in 31.00 billion rupees following the start of the demerger of its India partnership venture, with roughly 6.00 billion rupees raised in the previous six months.

Under the plan, Emaar India will attain full control of most of the 54 ongoing or partly completed subprojects. The report added that the company is trying to speed up construction of these properties and deliver them, with completion of the plan expected by the end of November.

Malhotra reportedly added that the company is looking to deliver 11,000 units by March 2019.

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.