Emaar MGF, a Joint Venture (JV) between Dubai-based Emaar Properties PJSC and MGF Development of India has temporarily shelved its Rs 15,000 crore plan project to build 30,000 hotel rooms by 2015 in India.

Two years ago when the JV was created, it decided to go big on India’s hospitality sector. During that time, Emaar MGF announced its decision to construct 18 high-end luxury hotels, 80 limited service hotels and 100 budget hotels across major cities in India. However, these plans have been shelved due to financial constraints.

The official spokesperson for Emaar MGF said that the company intends to use its existing real estate development capabilities to build and own hotels. However, the spokesperson added, Emaar MGF has decided that the hospitality projects would commence only after obtaining financial closure for the projects.