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Dubai: Emaar MGF Land Ltd, a joint venture between Dubai's Emaar Properties and India's MGF, said on Friday it plans to develop 31 million square feet of area in 10 locations in South India with a planned investment of $3 billion (Dh11 billion).
The real estate developer has launched Boulder Hills Golf & Country Club, its signature master planned leisure and residential community in Hyderabad.
The launch of the project with a capital outlay of $1.4 billion is the first among a number of Emaar MGF projects in South India.
"This launch marks the roll out of Emaar MGF's ambitious project plans spanning residential, commercial, retail, IT parks, and SEZs [special economic zones], and hospitality sectors over the next few years at 10 locations across south India," the company said in a statement.
Boulder Hills will have an 18-hole championship golf course, luxury residences, large format retail facility, hotels and an IT business park.
The project will be constructed by Multiplex Construction India Pvt Ltd, an equal partnership joint venture construction company between Emaar MGF and Multiplex Limited.
Boulder Hills is spread across 531 acres situated along Hyderabad's IT and financial corridor of Gachibowli.
The first fully-operational 192 acres championship golf course designed by Harradine Golf debuts on the south of the Vindhyas, which adds significantly to the growing sporting infrastructure of Andhra Pradesh.
"The launch of Boulder Hills is a momentous occasion for all of us as this marks a significant milestone of our growing operations in southern part of the country," said William R. Rattazzi, chief executive officer of Emaar MGF.
In the residential area, Emaar MGF will focus on luxury gated communities and townships with an aim to develop approx 20.5 million square feet.
The first phase of Boulder Hills comprises 703 residential units with a mix of single and multi-family units.
Retail plan
Emaar MGF will develop a total of three million square feet of retail space across all its southern locations. The key highlight of this initiative being the introduction of "Mall of the City" series in each city the company forays into.
Part of the Boulder Hills development is The Mall of Hyderabad, spread over 13 acres is expected to be completed by September 2010.
The company will introduce luxury and boutique hotel properties in association with Four Seasons and Marriott International as a part of this community.
"Emaar MGF strives to make a significant difference to Indian lifestyle through its world-class developments. South India, particularly Andhra Pradesh, is a major driver of the country's economy and our presence here is aligned towards making a significant difference to real estate sector through the development of world-class structures," Rattazzi said.
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