Emaar Bullish About Indian Real Estate
Dubai March 24: UAE Property major Emaar Properties has said that it will reconsider its initial public offering IPO in India when the time is right though the company is bullish about the Indian real estate market.
In February Emaar MGF withdrew its IPO for lack of adequate response. The company wanted to raise around Rs 6500 crore on the initial price band of Rs 610690. This was twice revised to Rs 530630 and the closing date extended to February 11 from February 6.
India will be one of our largest operations and we have longterm plans there. The Economy is doing well and we see a bullish story for the next 20 to 25 years chairman Mohamed Ali Alabbar told the annual general meeting AGM of the company.
We would go to public at the right time. We are cash rich and we may even double our size he was quoted as saying by the Emirates Business daily.
Alabbar said the Indian and Morocco operations had contributed between Rs 16472197 million to the firms profit and loss account in the last quarter of 2007.
India has recently been ranked among the three hottest regions for property growth in the AsiaPacific region over the next five years with Mumbai registering rental growth of more than 50 per cent over the year according to law firm Allens Arthur Robinson.
Emaars current land bank stands at 519 million square metres more than twelve times of the area in 2005.
The fair value of the land increased by 74 per cent from Rs 747 billion in 2006 to Rs 1296 billion by 2007 end.
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