Emaar MGF

Emaar MGF
Private
Industry Real estate
Founded February 2005
Headquarters Delhi, India
Key people
 Sanjay Malhotra, CEO
Website www.emaarmgf.com

Emaar MGF[1] is a real estate developer based in India and has projects across the country covering residential, commercial, and hospitality. It is the joint venture of Emaar Properties PJSC led by Mohamed Alabbar with Shravan Gupta's [2] MGF (Motor & General Finance) Developments Limited of India.

Sanjay Malhotra is the current CEO of the company.[3] The company is currently undergoing a restructuring exercise, with the resignation of Shravan Gupta from the post of Executive Vice Chairman & Managing Director. Emaar has taken control of all the on-going projects of the company to ensure their completion at the earliest.[4]

Since its inception in 2005, Emaar MGF [5] has invested in real estate development with a pan-India presence and operations spanning all key segments of the Indian real estate industry, including residential, commercial, retail and hospitality sectors.

Emaar MGF operations cover various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution. At present, its focus is on the development and completion of all its ongoing projects in Delhi NCR (particularly Gurgaon), Mohali, Chennai, Hyderabad and other key Indian State Capitals/Cities. The company has a large land bank/reserves with planned development spread over several million sq ft.[6]

Hyderabad International Convention Center

Opened in December 2005, the Hyderabad International Convention Centre (HICC) is a convention facility.[7] It was built by Cyberabad Convention Center Private Limited (CCCPL), a joint venture between the Dubai-based Emaar Properties and the (APIIC). Stretching across 15 acres (61,000 m2), the HICC is an integrated 291,000 sq ft (27,000 m2). facility managed by Accor. Located next to the HICC is the Novotel Hyderabad hotel, which opened in May 2006. The 287-room business hotel has also been developed by Emaar, and is managed by Accor. HICC offers 4,000 seating capacity with an in-built flexibility to expand to 6,500 seats. The HICC, built at a cost of US$39 million and the Novotel Hyderabad at a cost of US$27 million together constitute a total project investment of US$66 million. HICC is located adjacent to HITEC City, home to large national and international technology companies.

Commonwealth Games Village 2010

Among the initial projects to be completed and handed over, the Commonwealth Games Village is probably Delhi’s only purpose built, self-contained premium residential community. Located right next to the Akshardham Temple and just minutes away from the central business district – Connaught Place – it was developed by Emaar MGF – for the Commonwealth Games 2010 – under a project development agreement with the DDA.[8]

Awards

EPC World Green Building Award for Commonwealth Games Village[9][10]

The Commonwealth Games Village, a residential project developed by Emaar MGF, was conferred with the EPC World Award for 'Outstanding Contribution in Green Building Project- Real Estate Category'.[11]

The project received the award during the 5th EPC World Awards 2014, which was held at The Ashok, New Delhi.[12]

Sanjay Malhotra, (then) Chief Financial Officer, Emaar MGF Land Ltd. accepted the award on company's behalf from Dr. Mahesh Sharma, Minister of State of Culture and Tourism and Civil Aviation (Independent Charge) and Vishnu Deo Sai, Minister of State for Steel and Mining.[13]

‘Residential Project of the Year’ for The Palm Drive at DNA Real Estate Awards 2016[14]

The Palm Drive project in Gurgaon by Emaar India won the ‘Residential Project of the Year’ award at the DNA Real Estate & Infrastructure Awards 2016.

Digvijay Singh, Head-Corporate Communications, Emaar India, accepted the award on Company’s behalf from Tapose Bose, Vice President, Zee Unimedia and Dr. Sanjay Muthal, Executive Director, RGF Management Search, during the award ceremony held at Hotel Taj Lands End, Mumbai.

Prior to this, The Palm Drive had also been named as one of ‘India’s Top 100 Luxury Projects 2015’ by Realty Plus and JLL.[15]

Accolades for best Luxury Residential & Commercial projects at Realty Plus Excellence Awards (North) 2016[16]

Emaar India won the awards at the 8th Realty Plus Excellence Awards 2016 for both luxury residential and commercial properties in North India.

It bagged the "Luxury Project of the Year” award in residential segment for The Palm Drive project. Emaar India also won the “Commercial Property of the Year” for the Palm Springs Plaza. Both of these projects are located in Gurgaon on the Golf Course and Golf Course Extension roads. The awards were received by Sanjay Malhotra, CEO, Emaar India at the awards ceremony organised at Hotel Leela Ambience in Gurgaon.

Sanjay Malhotra was also felicitated with the ‘Scroll of Honour’ felicitation in acknowledgment of the contributions made to the real estate industry.[17]

Demerger of Emaar MGF[18]

On April 11, 2016, Emaar Properties decided to terminate its 11-year-old joint venture with MGF Developments, Emaar MGF Land Ltd. The joint venture will undergo reorganization through a demerger scheme, and Emaar Properties will drive the ongoing projects of the company in India, in order to lend greater focus to the operations of the company’s businesses and projects and for the purpose of capturing the potential for further growth and expansion.[19]

Following this, Emaar MGF Land filed the demerger scheme in Delhi High Court on May 16, 2016.[20]

EVC & MD Shravan Gupta steps down, CFO Sanjay Malhotra elevated to CEO position[21]

Following the initiation of company restructuring, Shravan Gupta resigned from the post of Executive Vice Chairman & Managing Director, although he continues to act as director of the company.

Emaar MGF's Chief Financial officer (CFO) Sanjay Malhotra was elevated as the CEO, and two new board members were appointed as nominees of Emaar properties. As part of the restructuring, Emaar would take control of the company's ongoing projects to ensure completion of those projects at the earliest.[22]

Status of ongoing projects

Emaar MGF communicated to its customers about initiating the process of demerger of the Company pursuant to a Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 and filing such Scheme with Delhi High Court. To assure its customers about completion of ongoing projects, it also shared the target Completion schedules for all projects with achievement of specific milestones and uploaded the same on its website. The Company re-assured its commitment to provide effective management to all the on-going projects ensuring completion at the earliest possible.[23]

Receipt of occupancy certificates in 2016

In June 2016, Emaar MGF announced the receipt of occupation certificate for the first phase of Emerald Hills project in Gurgaon. The company received the occupancy for 413 units, and also claimed to have already handed over 150 plots in the project.[24] Following this, the company also announced the receipt of completion certificate for the first phase of The Avenues project in Chennai in July 2016. The company set the timeline for handover of these units commencing October 2016.[25]

Labour Deployment and delivery target of 3,000 flats by December 2017[26]

In September 2016, Emaar MGF conveyed its plans to hand over about 3,000 flats in next 12 months, which will be its highest delivery in several years. It has fast tracked construction to achieve completion of ongoing projects such as Emerald Estate, Emerald Floor, Emerald Floor Premier, Palm Garden, Palm Terraces Select, Gurgaon Greens, Imperial Gardens in Gurgaon region, besides The Avenues and The Grace in Chennai region by December 2017. The company is aiming to start handing over several projects by October 2016, including The Grace and The Avenues in Chennai, followed by Emerald Hills.

As per Emaar MGF, it has deployed 8,000 construction labourers since September 2016 at its sites across India, as against 500 in April 2016. The company also aims to increase this workforce to five figures by December 2016 for speedy completion of the projects.[27]

Emaar revamps project team to fast track over 50 projects[28]

As per a news report in December 2016, Emaar revamped its project management team in a bid to fast track execution and delivery of over 50 projects that were stuck due to the impending demerger between the two parent companies. The developer hired over 100 additional employees in the Project Management space, from DLF, Hiranandani Constructions, Bharti Realty, Lotus Greens, Gulf Petrochem and IREO, alongside picking up people from L&T, Shapoorji Pallonji, Ahluwalia Contracts and even BPOs like Hero Management.

The developer also stated it has ramped up its labour headcount to 10,000 from current 8,000.[29]

Award of INR 100-cr construction contract for commercial project Colonnade [30]

Emaar India awarded a INR 100-crore contract in December 2016 to construction firm Capacit'e Infraprojects Ltd (CIL) for its upcoming mixed-use commercial project 'Colonnade' in Gurgaon, Haryana. The scope of work for the contract included construction and development of the entire project which offers 1.33 lakh sq ft of retail spaces. The project will also have serviced apartments.[31]

Receipt of completion certificate for Chennai projects[32]

In January 2017, Emaar India announced the receipt of Completion Certificate from Chennai Metropolitan Development Authority (CMDA) for the second phase of its Chennai residential projects, The Avenues and Grace, located in Tondiarpet. The Avenues and Grace are parts of the 14-acre residential community, The Esplanade in North Chennai, which is one of the largest housing developments within the jurisdiction of CMDA. With this, the developer entered the final stages of completion of the entire Esplanade project.[33]

Receipt of Occupancy Certificate for second phase of The Palm Drive[34]

In February 2017, Emaar India announced the receipt of Occupancy Certificate (OC) for the second phase of its residential project The Palm Drive located on Golf Course Extension Road in Sector 66, Gurugram. It claimed this to be the third project delivery in as many months as it focused on rapid execution and seamless delivery of all its ongoing projects.[35]

Emaar India to invest Rs 2,000 Crore in two years to complete projects

Real estate major Emaar India will invest Rs 2,000 crore over the next two years to complete all its ongoing 50 projects across the country. The company has about 50 ongoing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai comprising about 10,000 housing units.The company has raised Rs 2,500 crore debt in last one year, of which about Rs 1,500 crore was used to replace costlier debt and rest on construction.

References

  1. ↑ "Emaar: Global Real Estate Company in India". www.emaarmgf.com. Retrieved 2017-03-02.
  2. ↑ "Shravan Gupta".
  3. ↑ "Sanjay Malhotra, Emaar Mgf Land Ltd: Profile & Biography". Bloomberg. Retrieved 2017-03-02.
  4. ↑ "Emaar MGF MD Shravan Gupta steps down - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  5. ↑ "Emaar MGF investing in Businessweek".
  6. ↑ "Emaar revamps project teamto fast track over 50 projects - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  7. ↑ "Hyderabad International Convention Centre". Retrieved 2013-12-13.
  8. ↑ "EmaarMGF CWG Projects".
  9. ↑ "Emaar MGF CWG Green Building Award".
  10. ↑ "Emaar MGF recognised for green building initiatives". 10 January 2015.
  11. ↑ "EPC World Award for 'Outstanding Contribution".
  12. ↑ "Honour for Green Building Project".
  13. ↑ "Award to Emaar MGF".
  14. ↑ "Emaar India bags industry honour at DNA Real Estate Awards 2016". Retrieved 2017-03-02.
  15. ↑ "Emaar India bags industry honour at DNA Real Estate Awards 2016". Retrieved 2017-03-02.
  16. ↑ Hasan, Abid. "Realty Plus Felicitates Real estate s Success Stories". BW Businessworld. Retrieved 2017-03-02.
  17. ↑ Hasan, Abid. "Realty Plus Felicitates Real estate s Success Stories". BW Businessworld. Retrieved 2017-03-02.
  18. ↑ Nandy, Madhurima (2016-04-13). "Dubai’s Emaar ends 11-year old JV with MGF Developments". http://www.livemint.com/. Retrieved 2017-03-02. External link in |work= (help)
  19. ↑ Nandy, Madhurima (2016-04-13). "Dubai’s Emaar ends 11-year old JV with MGF Developments". http://www.livemint.com/. Retrieved 2017-03-02. External link in |work= (help)
  20. ↑ "Emaar MGF files demerger scheme in Delhi High Court - Times of India". The Times of India. Retrieved 2017-03-02.
  21. ↑ "Emaar MGF MD Shravan Gupta steps down - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  22. ↑ "Emaar MGF MD Shravan Gupta steps down - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  23. ↑ indiainfoline.com. "Emaar MGF offers new timeline for project completion". Retrieved 2017-03-02.
  24. ↑ "Emaar MGF receives occupancy certificate for its Emerald Hills -". Retrieved 2017-03-02.
  25. ↑ "Emaar MGF receives Completion Certificate for 'The Avenues' from CMDA - Times of India". The Times of India. Retrieved 2017-03-02.
  26. ↑ www.ETRealty.com. "Emaar MGF plans to deliver 3,000 flats by September 2017 - ET RealEstate". ETRealty.com. Retrieved 2017-03-02.
  27. ↑ www.ETRealty.com. "Emaar MGF plans to deliver 3,000 flats by September 2017 - ET RealEstate". ETRealty.com. Retrieved 2017-03-02.
  28. ↑ "Emaar revamps project teamto fast track over 50 projects - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  29. ↑ "Emaar revamps project teamto fast track over 50 projects - The Economic Times". The Economic Times. Retrieved 2017-03-02.
  30. ↑ India, Press Trust of (2016-12-20). "Emaar gives Rs 100 cr contract for commercial project". Business Standard India. Retrieved 2017-03-02.
  31. ↑ India, Press Trust of (2016-12-20). "Emaar gives Rs 100 cr contract for commercial project". Business Standard India. Retrieved 2017-03-02.
  32. ↑ ANI (2017-01-17). "Avenues, Grace by Emaar India receives completion certificate from CMDA". Business Standard India. Retrieved 2017-03-02.
  33. ↑ ANI (2017-01-17). "Avenues, Grace by Emaar India receives completion certificate from CMDA". Business Standard India. Retrieved 2017-03-02.
  34. ↑ "Emaar India gets Clearance Nod to handover The Palm Drive -". Retrieved 2017-03-02.
  35. ↑ "Emaar India gets Clearance Nod to handover The Palm Drive -". Retrieved 2017-03-02.
  36. ↑ {{Cite news|https://www.bloombergquint.com/business/2017/05/07/emaar-india-to-invest-rs-2000-crore-in-two-years-to-complete-projects/ Real estate major Emaar India will invest Rs 2,000 crore over the next two years to complete all its ongoing 50 projects across the country. The company has about 50 ongoing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai comprising about 10,000 housing units.The company will infuse Rs 1,000 crore each in the current and next financial year on construction.
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