Submitted by: Pankaj Wahal
In the alleged land scam in the Hyderabad Emaar MGF, CBI has found out, may have been wrongly implicated in the Emaar property scam. What started out as an ambitious luxury residential project in Hyderabad became a much talked about controversy known in the media as the Emaar Property Scam. Though the nomenclature of the alleged scam makes one believe that the real estate company committed something wrong, the Emaar MGF – CBI investigations indicate that there was no wrongdoing on the part of the real estate firm and is now investigating the involvement of government and other officials who may have avoided the focus as the attention was given first to the real estate firm s alleged involvement in the Emaar Property Scam. After entering into India, Emaar partnered MGF in order to start its operations in the Indian real estate industry and one of the first few projects it handled included the construction of a luxury township in the capital city Hyderabad, Andhra Pradesh. The project was a joint venture between Emaar and APIIC or the Andhra Pradesh Industrial Infrastructure Corporation. CBI is now investigating the role of APIIC or the Andhra Pradesh Industrial Infrastructure Corporation in the alleged land scam.
With Emaar MGF CBI investigations clearing the name of the real estate firm from the controversial Emaar properties scam, the joint venture of Emaar MGF is proceeding with its other projects spread across in India. From construction of luxury townships all over Indian cities to development of IT parks, commercial hubs and other projects, Emaar MGF is quickly gaining ground in the Indian real estate market and is fast becoming the leading real estate company in India. With Emaar Properties entering the Indian market as recently as the year 2005, the company had developed some of India s finest townships and commercial spaces, all in the short span of less than a decade. One of the best projects which Emaar MGF has handled in India include the construction of the fames Commonwealth Games Village, a residential project for the athletes who were to participate in the commonwealth games of 2010. Completed on time and with perfection, the commonwealth Games Village is one of Emaar Properties finest product in this country.
Emaar Properties is a famous real estate firm based in Dubai, UAE and is the company behind some of the major architectural marvels of the modern day world. The tallest building in the world, The Burj Khalifa, is the biggest project Emaar Properties has delivered thus far and has stamped the authority of the real estate firm all over the globe. Another massive project of Emaar Properties in Dubai is The Dubai Mall, one of the most visited and the biggest operational mall in the world. As Emaar MGF CBI investigations reveal the innocence of the company in the alleged Emaar Property Scam, there seems to be no stopping this giant from conquering the Indian real estate market. A host of projects are being presently worked upon by the joint venture of Emaar MGF and it remains to be seem if Emaar takes up a massive project like The Burj Khalifa in the Indian real estate market.
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Emaar Property Scam