Emaar India, a subsidiary of Dubai-based Emaar Properties, has invested Rs900 crore ($108.37 million) for the development of luxury housing projects in Gurugram, a business hub near New Delhi.

The investment will be made over the next four years. The company, has launched and has already sold 424 luxury homes in its group housing project ‘Urban Oasis’ located at Sector 62, Golf Course Extension Road in Gurugram.

“We launched a residential project after a gap of almost four years, and were humbled by the response from the market,” said Kalyan Chakrabarti, CEO of Emaar India. The demand for luxury homes in all major Indian cities is robust from both end users and investors. All 424 flats launched in the first phase have been sold for Rs1,723 crore in revenue. It received 10 times subscription with 4,259 expression of interests for the 424 homes available.

According to Chakrabarti, the project cost of around Rs900 crore excludes land cost. Emaar India plans to launch more residential projects in Delhi-NCR and other locations in North India where it has a land bank.

Emaar Properties entered the Indian real estate market in 2005 in partnership with India’s MGF Development and invested Rs 8,500 crore through the joint venture firm Emaar MGF Land. However, in April 2016, Emaar ended the joint venture through a demerger.

The economic growth has pushed the demand for luxury homes in India, and now there is no looking back says Chakrabarti.