Dubai’s Emaar Properties is reportedly planning to sell several non-core assets in India including land and a hotel.
Sources told livemint that the developer now plans to focus on its premium projects and expand on its own in India following its separation from local partner MGF Developments Ltd.
It reported that the company has already started the process of selling its 90-room Fortune Select hotel in Jaipur while also looking to sell 10-15 land parcels on the outskirts of cities including Mumbai, Delhi and Chennai.
Emaar has reportedly hired property consultant CBRE India to sell the hotel and land assets.
Emaar entered India in 2005 by investing in a joint venture with MGF Developments, making it one of the largest foreign direct investments in the country’s real estate sector. In 2016, the companies decided to part ways.
Arabian Business has contacted Emaar Properties for a comment.
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