Real estate firm Emaar MGF Land, the Indian joint venture of Dubai's Emaar Properties EMAR.DU plans to spend $3 billion in developing properties in south India over the next few years. Besides a residential property in Hyderabad with an outlay of $1.4 billion, Emaar MGF will invest in commercial and retail properties and hotels spread over 31 million sq ft in 10 south Indian locations. Emaar MGF in February called off a $1.6 billion initial public offering because of tepid investor interest.