Emaar Invests ₹2,000 Crore in Mumbai Homes

Emaar India is set to make a significant mark in the Mumbai real estate landscape with its recent announcement of a ₹2,000 crore investment. Following its successes in North India, the company unveiled its latest villa project, Casa Venero, in Alibag, a coastal town near Mumbai, on October 21. The 84-villa project, spread over a sprawling 25-acre land parcel, will feature units priced between ₹9 crore and ₹15 crore, generating a revenue potential of approximately ₹700 crore. “We see immense potential in the Mumbai market, which is not only mature but also offers a diverse range of opportunities,” stated Emaar India’s CEO.

Targeting the mid and luxury segments, Emaar has expressed interest in redevelopment projects throughout Mumbai, eyeing locations like Bandra and Andheri. “We’re open to all localities and are particularly keen on the high-demand areas,” the CEO added. The company’s strategic foray into Mumbai aligns with a post-pandemic trend, where various developers such as Puravankara, Prestige Group, and DLF have also sought opportunities in the market. Alibag’s appeal as a secondary home destination has drawn interest from high-net-worth individuals, including Bollywood celebrities. However, a shift is underway as the upper middle class begins to invest in properties, signalling a potential transformation of Alibag into a primary residence choice.

As Emaar launches Casa Venero, the company anticipates that around 80% of the buyers will be locals from Mumbai, particularly from South Mumbai. This interest highlights a growing trend among city dwellers seeking escape from urban congestion without sacrificing proximity to the city. The villa project’s strategic location near Mandwa jetty, which offers ferry services to South Mumbai, further enhances its appeal. “Alibag has the potential to become a first home destination in the coming years, with its natural beauty and burgeoning infrastructure,” the CEO expressed, suggesting a new trend where luxury living meets serene coastal life.

Real estate analysts predict that as infrastructure develops in Alibag, it could transition from being a holiday getaway to a primary housing market over the next decade. “For many South Mumbai residents, Alibag already feels like an extension of the city, serving as their primary residence,” noted the Managing Director and Co-CEO of Isprava Group. The burgeoning interest in Alibag illustrates a shift in lifestyle preferences, where homebuyers are increasingly valuing tranquillity, green spaces, and community amenities in their quest for sustainable living. Emaar’s commitment to luxury residential offerings underscores its ambition to provide high-quality living spaces that resonate with the evolving demands of modern Indian homeowners.