Emaar properties and joined Emaar MGF has been accused along with APIIC for alleged undervaluing of land in Hyderabad. APIIC or Andhra Pradesh Industrial Infrastructure corporation Limited is a government run corporation and has undertaken numerous developmental projects in the state of Andhra Pradesh in sync with the state government dream to make Andhra Pradesh one of the best cities in the country. It joined hand with global player, Emaar properties for the development of a luxurious township project in Gaichibowli boulder Hills. The luxurious gated residential township was planned to be the ultimate luxury homes encompassing private villas, apartments and various world class facilities such as an 18-hole golf course and resort style 5 star hotels. However, such a grand scheme can easily be caught in the tangle of ugly schemes of people with vested interest. Consequently, Emaar Properties, Emaar MGF and APIIC were allegedly accused of selling off the Boulder Hills plots at relatively low prices to customer. Since day one of the allegation, Emaar properties has denied any wrong doing and has cried foul play by parties with vested interest. The case hitherto came to be known as Emaar Property Scam due to media frenzy. Emaar has extended full co-operation to the investigating state agency, CBI to clear its name and nab the real culprit in the case. Emaar MGF, CBI has closely worked together and initial investigation has given a clean chit to Emaar properties and Emaar MGF and hints at foul play against the real estate giant.

Emaar Properties is the stalwart of Dubai real estate sector. Incepted in 1997, Emaar properties has come a long and successful path of success since then. Today, Emaar has more than 60 companies under its corporation and has successful business setups in not only in Middle East, but also in several neighbouring countries like Syria, Lebanon, Jordan, Egypt, Morocco, and western economies like United States of America and United Kingdom, African continent and South East Asian countries like Pakistan and India. With many wonderful architectural masterpieces in its portfolio such as the Burj Khalifa and Dubai Marina, Emaar has carved a niche for itself in the world stage of real estate builders.

It established its operation in India in 2005 by entering into an allegiance with local player MGF development limited. Except for the lone fiasco in Hyderabad, Emaar MGF has unrivalled success in many major cities of India including the capital city of Delhi and neighbouring Gurgaon, Mohali in Punjab, Tamil Nadu, Kerala, Andhra Pradesh, Maharashtra amongst other. The successful and timely completion of 2010 Commonwealth Athlete Games Village is considered as the turning point of Emaar success story n India. With its completion, it came to be regarded as a potential powerful player in the Indian market. Despite the minor hiccup of Emaar Property scam, Emaar MGF has continued its real success stories with several mega projects in prime location. Emaar has not only revealed its intention of foraying into hospitality sector but has announced the acquisition of prime locations for the country’s finest 7 star hotels. It is just a matter of times before Emaar completely conquers the Indian real estate market.

I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate, Travel, IT products for SME and sometimes about my experience with Hotels as well.

I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate, Travel, IT products for SME and sometimes about my experience with Hotels as well.

Author Bio: I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate, Travel, IT products for SME and sometimes about my experience with Hotels as well.

Category: Real Estate
Keywords: Emaar Property Scam, Emaar MGF, CBI