Tuesday, April 24, 2012

Emaar MGF Scam : False Allegations Against Real Estate Giant

Emaar MGF was formed in 2005 by the merger of two of the best real estate developers; world famous Dubai based Emaar Properties and Indian MGF Development Limited with operations limited to the Indian subcontinent. Launched in style, Emaar MGF announced the largest FDI (Foreign Direct Investment) amounting to more than half a billion US dollars that the Indian real estate industry has witnessed at that time. With a huge start capital of 4 billion US Dollars, Emaar MGF pioneered several mega projects in several major Indian cities. With the coming of Emaar MGF, there has been marked increase in luxurious township and commercial complexes in these cities. Innovative building concepts, master architecture and scheduled delivery are the forte of this mega player. The Commonwealth Games Athlete village in the capital city of New Delhi is one of the most remarkable ventures taken up by Emaar MGF. The ultra luxurious and self sustaining village projected the capital city into International limelight winning appreciation from all quarters including critics and competitors alike.

Hyderabad, the land of Nawabs has not been alien to Emaar's glory. The country's largest convention centre, HICC (Hyderabad International Convention Centre) is a manifestation of Emaar superb building technology. The 4000 seating capacity centre has an inbuilt flexible arrangement that can take the numbers upto 6000 seats. Besides HICC, Emaar redefined the art of luxury hospitality with its magnificent creation, Novotel Hyderabad Hotel. Another milestone is the ultra luxurious gated community of Boulder Hills Township. Spread across 530 acres, the luxurious residential community consists of villas, apartments, a boutique hotel surrounded by a picturesque 18-inch championship golf course. This luxurious township is a joint venture between Emaar Properties and Andhra Pradesh Industrial Infrastructure Corporation (APIIC), a state run corporation. The Infamous Emaar MGF scam centres around this township project. Emaar Properties was allegedly accused of breaking the rules of engagement with its state partner, APIIC. Such baseless allegations did not stood a chance and soon thereafter, CBI investigation did not find any such wrong dealings by the global real estate developer Emaar. Through extensive investigations and summons by the state investigating agency CBI, Emaar has been able to clear its name from this controversial allegation. CBI investigation of Emaar MGF scam has revealed more facets of the case which were earlier neglected and it is emerging that the global giant may have been falsely implicated in the controversy by people with mal intent.

Undeterred by such false accusations, Emaar continues to dominate the Indian real estate industry with several promising ventures throughout the country. With multiple new projects, Emaar clearly shows its long term plans in the India. From sprawling commercial complexes to luxurious residential township all over the country, Emaar Properties announces its grand schemes. New Delhi and Kolkata has been selected as prime location to built 7 star hotel by Emaar. Not only this, Emaar has announced its intention to start facilities management in the hospitality sector. It now remains to be seen how Emaar makes its place among the already established hospitality management firms.

The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts about Emaar MGF Scam.

The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts about Emaar MGF Scam ()

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