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MGF Scam Makes CBI Emaar Work Together In Pursuit Of Real Culprits

MGF Scam is considered as one of the most hyped controversy that Indian real estate industry has seen. A world famous developer's name, a consumer list that boast of celebrities and other elite members of Indian society were few of the attributes that made it one of the most sensational news of the recent times. MGF scam originated in the city of Hyderabad from properties owned by the real estate giant, which was being co-developed with the state of Andhra Pradesh run APIIC or Andhra Pradesh Industrial Infrastructure Corporation Limited. Assigned with the responsibilities to build a world class residential community, APIIC roped in the extensive expertise of Emaar and its Indian partner MGF. The upscale neighbourhood was designed to offer the best of recreational and leisure facilities in a world class environment. A self contained unit, the community was planned around an 18-hole golf course. Such a grand plan requires an equally grand execution and this is where the expertise of Emaar came in. When the controversy broke out, Emaar was not even aware of the magnitude of its own involvement thus clearly showing that the real estate firm was made a scapegoat in the mother of all scam. Emaar accused of alleged wrongdoings has vehemently denied its involvement in the scandal and has provided full support to the investigating agencies. CBI Emaar together investigates MGF scam in a bid to bring to justice the real culprits, if there is any.

Emaar Properties is a Dubai based real estate company that was founded in 1997. Growing in tandem with Dubai's growth, Emaar has several wonderful architectural masterpieces in its belt. The Burk Khailfa or Burj Dubai is perhaps, the most wonderful creation of Emaar properties. It added another feather in its cap with the opening of Dubai Mall, the world largest functional mall which has both been developed and managed by Emaar Properties. Listed as a Public joint stock company and with more than 50 active companies under its umbrella, Emaar is recognised as the largest construction and real estate developer in the Persian Gulf. After successful conquest of Dubai's skyline, Emaar Properties spread to other Middle Eastern countries like Saudi Arabia, Syria, Jordan, Morocco, Egypt and Tunisia. Saudi Arabia is one of the latest conquests of Emaar properties where it has developed the famed King Abdullah's Economic city. Besides the Middle East, Emaar has set up flourishing real estate business in Pakistan, India and Africa.

In India, Emaar joined MGF Development in a partnership in 2005. Since then, Emaar MGF has built scores of properties all across the country. With projects all across major Indian cities including New Delhi, Haryana, Punjab, Chennai, Maharashtra, Andhra Pradesh and Kerala, Emaar MGF has established itself as a major player in the Indian real estate industry. The noted 2010 Commonwealth Games Village in New Delhi is the flagship project of Emaar MGF and its timely delivery has won many praises not only from the Indian but at the international arena too. Except the minor hiccup of MGF scam, Emaar MGF has come a long way since its formation in 2005 and unfazed by such allegations, the real estate firm continues to construct and develop properties which are awe inspiring and life changing.

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 Sunday, May 25, 2014
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