Emaar Mgf Transforming The Face Of Indian Real Estate In The Wake Of Emaar Case
Emaar Properties with roots in Dubai is a globally renowned real estate firms. Founded in the late nineties, Emaar operations today, is not limited to the emirates of Dubai. As of date, Emaar has flourishing real estate business in countries like Egypt, Morocco, Saudi Arabia, Turkey, Algeria, Tunisia, Indonesia, Pakistan and India. Famed in the world as the creator of the tallest building, the Burj Khalifa, Emaar added another master piece to its portfolio with the construction of Dubai Mall, the biggest functional mall in the world. Besides these amazing creations, equally amazing is Emaar's successful diversification of its operational interest into several fields including healthcare, education, retail and hospitality. Renowned for its superb designs and innovative concepts, Emaar's has designed and built more than 14,000 homes in the emirates of Dubai only. After successfully capturing Dubai real estate sector, Emaar started operations in neighbouring Middle Eastern countries duplicating its Dubai success stories.
In India, Emaar joined MGF Development Limited in an alliance and formed Emaar MGF in 2005. Capitalizing on the growing residential real estate sector which was growing at the rate of 19% and contributing quite heavily into the country's GDP. Emaar MGF started multiple projects across India and successfully completed quite a few of them without any hitch. However, the real estate firm was taken by surprise as one of its mega project in the city of Hyderabad went awry as allegations were heaped upon its co-developer APIIC for gross undervaluation of land in the project. As soon as the allegations became public, Emaar and combined Emaar MGF denied any role in the controversy which came to be popularly known as Emaar case or Emaar properties scandal in media circuit. Presently, Emaar case is under investigation by CBI and no substantial evidences has been found against the real estate firm during the probing. It is to be noted here that no charges has ever been framed against any officials of Emaar or Emaar MGF combined in the Emaar properties scandal.
Leaving the allegations behind, Emaar MGF has taken up multiple developmental works in all major cities. From the widely acclaimed Commonwealth Games Village in the capital city of New Delhi to the finest of residential and commercial hubs, Emaar MGF has grown leaps and bound in the Indian real estate world. With no sign of being replaced from the top position, Emaar MGF combined has a host of projects in the offing of which some are already under construction. An experience facilities management company, Emaar has announced plans to not only construct but also manage few seven star hotels in New Delhi and Kolkata. From mere builders to management of facilities, Emaar has indeed come a long way in the past 8 years. Except for the minor debacle in Hyderabad, Emaar and combined Emaar MGF has been scaling an unprecedented height in Indian real estate sector and it is not long before swanky and contemporary high rises are a common scene in the Tier-II cities of India.
In India, Emaar joined MGF Development Limited in an alliance and formed Emaar MGF in 2005. Capitalizing on the growing residential real estate sector which was growing at the rate of 19% and contributing quite heavily into the country's GDP. Emaar MGF started multiple projects across India and successfully completed quite a few of them without any hitch. However, the real estate firm was taken by surprise as one of its mega project in the city of Hyderabad went awry as allegations were heaped upon its co-developer APIIC for gross undervaluation of land in the project. As soon as the allegations became public, Emaar and combined Emaar MGF denied any role in the controversy which came to be popularly known as Emaar case or Emaar properties scandal in media circuit. Presently, Emaar case is under investigation by CBI and no substantial evidences has been found against the real estate firm during the probing. It is to be noted here that no charges has ever been framed against any officials of Emaar or Emaar MGF combined in the Emaar properties scandal.
Leaving the allegations behind, Emaar MGF has taken up multiple developmental works in all major cities. From the widely acclaimed Commonwealth Games Village in the capital city of New Delhi to the finest of residential and commercial hubs, Emaar MGF has grown leaps and bound in the Indian real estate world. With no sign of being replaced from the top position, Emaar MGF combined has a host of projects in the offing of which some are already under construction. An experience facilities management company, Emaar has announced plans to not only construct but also manage few seven star hotels in New Delhi and Kolkata. From mere builders to management of facilities, Emaar has indeed come a long way in the past 8 years. Except for the minor debacle in Hyderabad, Emaar and combined Emaar MGF has been scaling an unprecedented height in Indian real estate sector and it is not long before swanky and contemporary high rises are a common scene in the Tier-II cities of India.
Source...