Emaar to Form JV with Adani Group, Retains Indian Stake

Dubai-based Emaar Properties has asserted that it will not sell stakes in its Indian entity but the company is considering forming joint venture with big business houses in India including Adani Group.

In a regulatory filing dated September 18 with the Dubai Financial Market, Dubai-based Emaar Properties stated it is “no longer considering sale of any stake in its Indian entity.” As a strategic alternative, it is evaluating partnerships with major Indian real estate and business groups.

This marks a significant shift in Emaar’s India strategy. The company first entered the market in 2005 in alliance with MGF Development, investing roughly Rs. 8,500 crore via the joint venture Emaar-MGF Land. After several years, Emaar and MGF demerged in April 2016, leaving Emaar India operating independently.

Despite steep competition and execution challenges in India’s real estate sector, Emaar India has established a sizeable footprint. Its portfolio encompasses residential and commercial properties across Delhi NCR, Mumbai, Mohali, Lucknow, Indore, and Jaipur.

The Adani Group, which already operates in real estate through its unlisted entities such as Adani Realty and Adani Properties, has garnered attention for its large-scale redevelopment projects notably Dharavi in Mumbai making it a logical partner for Emaar’s JV ambition.

Financially, Emaar India reported net losses after tax of approximately Rs. 1,340.8 million for the year ending March 31, 2024, even as its revenues rose to Rs. 29,137 million from about Rs. 18,319 million in the prior year.

In contrast, Emaar Properties globally is enjoying strong momentum. The parent company announced a sharp increase in property sales (about 72% year-on-year) and has a long backlog supporting future revenues.

Industry analysts interpret Emaar’s move as a strategic pivot: retaining control over its Indian operations while seeking local partners to manage regulatory, capital, and execution risks. Collaborations with firms like Adani could enable access to land, faster approvals, and scale, without relinquishing ownership.

Looking ahead, the structure and scope of any JV remain uncertain whether they will be project-specific or more extensive, covering Emaar’s entire India business. Nonetheless, this signals a strengthening commitment to the Indian real estate sector, driven by growth potential and localisation.