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Emaar MGF Responds Positively to CBI Summons in Emaar Case

Emaar case is considered as one of the most iniquitous scam in the Indian real estate industry. Contrary to the name, the case has little to do with the real estate firm Emaar MGF and Emaar Properties. Moreover, media has overhyped the alleged controversy by christening it as Emaar case, thus pinning all the blame on the real estate developer without delving any further into the case. With state agency, CBI conducting a full fledged investigation into the case, the questioning of all parties alleged to be involved in the scandal was inevitable and as such, CBI summons were issued to several government officials and to the real estate firm also. While these summons sent many government officials into frenzy, the real estate firm responded with the utmost urgency to clear its name from the alleged controversy. In response to CBI summons, Emaar Properties and combined Emaar MGF has extended full cooperation throughout the investigating thus setting a fine example of holding the law of the country in respect.

India has not always been a very open market in regards to foreign investors. The deregulation of foreign trade happened only in the early nineties and since then, there has been no stopping to the flocking herds of foreign investor. Emaar Properties entered Indian domain in 2005 by partnering MGF development Limited, one of the leading retail real estate developer birthing Emaar MGF. Since its entry, Emaar MGF has bagged multiple projects all across the country. Major cities in India saw a sudden increase in residential and commercial complexes with the coming of Emaar MGF. Besides residential projects, Emaar MGF has built several shopping malls, business hubs, IT parks and even civic amenities. A famed builder throughout the world, Emaar's innovative building concepts and architectural magnificence has found reflections in several swanky and contemporary high-rises in gurgaon, the main operational hub of Emaar in India. Emerald Hills, Palm Gardens, Palm Springs and Emerald Plaza are few examples of properties developed by Emaar MGF in Gurgaon. Besides Gurgaon, several other cities like Chennai, Hyderabad, Mohali, Kolkata, and Maharastra has seen the finest of Emaar's creation.

The famed creator of some of the best residential community such as the common wealth games village became involved in allegation over wrong doings in the city of Hyderabad, the capital of Andhra Pradesh. Emaar MGF was accused of undervaluing plots for a luxurious township by the co-developer of the township, APIIC or Andhra Pradesh Industrial Infrastructure Limited without their knowledge. Emaar has rubbished such false allegations and has asked for detailed investigation into all dealings to clear its name. Currently, CBI is close to solving Emaar case and they have not found any evidence to support APIIC's allegations against Emaar. Leaving the ghost of the Emaar case behind, the joint venture has bid and won several projects across the country. The firm has even announced the acquisitions of prime lands for the building and development of seven star hotels in New Delhi and Kolkata. Besides developing it, Emaar has shown a strong interest to manage the same. It must be noted here that Emaar has vast experience of hospitality management with the fully functional Dubai Mall to its credit. The magnitude of ventures undertaken by Emaar MGF post Emaar case has left the Indian real estate industry speechless and experts predicts the dominance of this real estate firm in the offing.

About Author Ankit Dua :

The author loves to write small and informative articles on topics related to Real Estate and Travel. In this article he is expressing his thoughts regarding a property scam that took place in Hyderabad. (<a href="" target="_blank"></a>)

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Article Added on Saturday, May 24, 2014
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