Real Estate Emaar’s Indian unit expands amid sale talks By Pramod Kumar June 4, 2025, 7:44 AM Reuters/NurPhoto/Jwala Kotesh Construction workers in India. Emaar India is building 194 new luxury residential units in Lucknow amid reported buyout talks with the Adani Group 194 residences in Lucknow being built Prices rose 25% year on year $1.4bn sale talks reported in March The Indian subsidiary of Dubai-listed Emaar Properties has launched a new housing project in the state of Uttar Pradesh amid buyout talks with the local business Adani Group. The launch follows reports in March that the Dubai developer was planning to sell its Indian venture for $1.4 billion to a conglomerate led by billionaire Gautam Adani. Emaar India will build a high-rise residential project in Lucknow, featuring 194 luxury dwellings priced between INR28 million and INR42 million. “We are bringing the same design excellence and lifestyle offerings that our brand is known for globally,” local media reported Kalyan Chakrabarti, CEO of Emaar India, as saying. Lucknow residential property prices have risen by a quarter year on year in the first three months of 2025, despite those in India’s top 15 second tier cities falling 8 percent, Business Standard, an Indian financial daily reported, citing data analytics company PropEquity. In a Dubai bourse filing in January, Emaar Properties said that it was in discussions about a potential sale of a stake in Emaar India. The disclosure did not give any company names. In March Bloomberg said that an agreement between Adani and Emaar was likely to be reached as early as April. Emirates NBD gets nod to set up Indian subsidiary Flydubai CEO says demand exists to quadruple India flights Trump needs a good reason to walk the India-Gulf-Europe corridor The Dubai developer entered the Indian real estate market in 2005 through a joint venture with India’s MGF Development by investing INR85 billion ($1 billion). However, the partnership ended in April 2016 after a demerger, which received regulatory approval in 2018. Emaar Properties, which trades on the Dubai Financial Market, fell 0.4 percent to close at AED13.15 on Tuesday. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
