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Submitted by: Pankaj Wahal
Emaar Properties case pertains to the involvement of real estate firm Emaar MGF in alleged land scam in Hyderabad s luxurious Boulder Hills Township. Emaar developed Boulder Hills along with state run Andhra Pradesh Industrial Infrastructure Corporation otherwise known as APIIC in Gaichibowli area of the state capital. Spread across 531 acres, Boulder Hills is an upscale neighbourhood surrounded by a picturesque 18-hole golf course and was envisioned to be self sustainable township. However the venture became awry as APIIC along with Emaar were accused of alleged undervaluing of plots in the township leading to dilution of public stake from 26 % to 6 %. This allegation put Emaar under the purview of state investigating agencies and many celebrities including film stars were roped in for questioning and summons issued to various parties who were Emaar scam accused. In this regards, Emaar Properties and Emaar MGF combined being one of the Emaar scam accused has responded with utmost finesse and has extended all possible cooperation to the CBI. Denying these allegations as fictitious and stating it to be a ploy to discredit its name, real estate firm Emaar went out of its way to support the investigating agencies in finding the real culprits behind the scam.
Emaar Properties, by far is one of the best real estate firm in the world. Originating in Dubai in the year 1997, Emaar Properties has expanded to all parts of the world. Emaar s notable contribution to Dubai s development in the realm of construction and real estate development is well known all over the globe. Besides iconic structures such as the Dubai Mall and Burj Khalifa, Emaar Properties has developed major entertainment hubs like the Dubai ice rink, Dubai Fountain and several other information technology parks. With the immense success in Dubai, Emaar set up flourishing real estate operations in several countries including Saudi Arabia, Syria, Morocco, Tunisia, Turkey, Egypt and south Asian countries like Pakistan and India. Few notable international ventures taken up by Emaar properties includes King Abdullah s Economic city in Saudi Arabia, upscale resort Marassi in Cairo, Samarah Dead Sea Resort in Jordan, Commonwealth Games Village in India, The Eight Gate in Syria amongst other. Besides upscale residential townships, Emaar s hospitality and leisure wing has has launched brand, The Address Hotels Resorts. Apart from developing properties, Emaar owns and manages several leisure assets such as golf resorts, polo club and Dubai Marina etc.
In the Indian market, Emaar Properties started taking interest way back in 2003 when it joined hands with APIIC in Hyderabad to develop HICC or Hyderabad International Convention Centre, the country s largest known convention centre. The global firm started active undertakings in 2005 by joining retail developer, MGF Development Limited in a joint venture. MGF itself is one of the leading retail real estate developers in northern India. Emaar MGF started consolidating its empire with numerous projects in all major cities. Except for the lone fiasco of Boulder Hills, Emaar MGF has received nationwide acclamation for its innovative concepts and ace customer services.
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Emaar Properties Case