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Emaar Scam Accused Offers Full Cooperation To Investigating Agency CBI In Emaar Case







Emaar MGF, co-accused along with members of APIIC in the alleged Emaar case in Hyderabad have consented to support the investigating agencies in order to clarify the allegations made against the real estate firm and clear its name. The Emaar scam accused have maintained that there have been no wrong doings from the real estate firm end since the first day of allegations, and the alleged irregularities, if any, may only have been from other sources involved in the ventures. In this regards, it is worth mentioning that the allegations primarily centres around the role of Andhra Pradesh Industrial Infrastructure or APIIC 's and Emaar name was overhyped by the media in the case.

Emaar Properties was set up in 1997 and is a Dubai based real estate firm. It entered the Indian real estate industry through a partnership with MGF Development Limited, a noted retail real estate developer in the domestic market. The combined entity Emaar MGF was set up with huge fanfare as it bought in an FDI of over half a billion dollars, which was considered as largest foreign investment of that time. As the Indian market was recently opened up for international investor, the entry created a buzz much to the dislike of domestic players who viewed the grand entry as a threat to their own interest and aspirations. Famed in the world for its efficiency and precision, Emaar completed several projects successfully and undertook scores of new ones throughout the length and breadth of the country. The first major hurdle that the real estate firm came across in the country was in the city of Hyderabad where the state run agency working in collaboration with Emaar MGF, was accused of alleged irregularities in land dealings and subsequent dilution of public stake in the project. Emaar MGF with no knowledge of such dealings has always maintained their integrity and this claim of the Emaar scam accused is well supported by CBI findings. Altogether, Emaar case is clearly emerging to be a case of sabotage by people with vested interest towards the real estate firm.

With a view to clear its intentions in India, Emaar has announced several new ventures which clearly states its long term plans in the country. From the world class Commonwealth Games Village in the capital city of New Delhi to various residential as well as commercial hubs across the nation, Emaar has shown its building capabilities time and again. Jaipur, Haryana, Punjab, Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Maharashtra are few major Indian states where Emaar has taken up major developmental ventures. Besides construction and development of world class structures, Emaar has recently announced its intention to manage seven star hospitality units built by them in the capital city and Kolkata. This announcement has taken the Indian hospitality market by surprise and the entire market is abuzz with Emaar's extensive expertise and efficiency in hospitality management. It is just a matter of time when Emaar will be the forerunner of this industry too.


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 case that took place in Hyderabad. (<a href="http://goarticles.com/article/CBI-Emaar-Face-Off-in-the-MGF-Case-Much-Ado-About-Almost-Nothing/7456882/" target="_blank">http://goarticles.com/article/CBI-Emaar-Face-Off-in-the-MGF-Case-Much-Ado-About-Almost-Nothing/7456882/</a>)


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Article Added on Sunday, May 25, 2014
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