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Submitted by: Pankaj Wahal
Emaar Properties is one of the best real estate firms in the world. Listed a Public Joint Stock Company in Dubai; Emaar came into existence in 1997 under the leadership of the charismatic Mohamed Alabbar, the crown businessman of Dubai. Starting off as a real estate developer, today Emaar operation encompasses several aspects of real estate development like land acquisition and development, investment and management in addition to several other fields such as healthcare, education, hospitality, retail and financial investment. With operations not limited to the emirates of Dubai, Emaar has set foot on numerous international soils like Pakistan, Africa, India, America, and England besides neighbours like Syria, Turkey, Lebanon, Morocco etc. With a span of more than 16 markets, Emaar is the largest real estate developer in the entire Middle East. The role of Emaar in the development of Dubai realm of construction and real estate is recognised and renowned throughout the world.
Emaar s Indian connection started in 2005 with the coming together of Emaar Properties and MGF Development Limited in a joint venture thus, forming Emaar MGF. Since its inception, Emaar MGF has taken up numerous developmental projects all across major cities and towns in India. Several Indian cities such as Delhi, Gurgaon, Punjab, Andhra Pradesh, Maharashtra, and Karnataka amongst other awakened up to Emaar s knock. These cities saw an unprecedented increase in luxurious residential complexes, townships and commercial hubs. With awe-inspiring work such as Palm Greens and Imperial Gardens in Gurgaon, Gomti Greens in lucknow, Commonwealth Games village in New Delhi, several technology parks and landscape gardens, Emaar has set out to change the dynamics of real estate in India.
In Hyderabad, Emaar teamed up with state run APIIC or Andhra Pradesh Industrial Infrastructure Corporation to undertake various trendsetting ventures. From the world class Hyderabad International Convention Centre to 5 star hotels, the global real estate giant in conjunction with the government was revamping modern lifestyles in Hyderabad. However, one such project in Gaichibowli, Hyderabad came under the purview of court of law. Spread across more than 530 acres of land, the luxurious Boulder Hill Township encompasses private luxurious villas, apartments, and a resort style boutique hotel in the backdrop of a sprawling 18-hole golf course. The global real estate giant faced allegations for undervaluing of plots and reducing public stake in the venture. This controversy came to be known as the infamous Emaar Properties case. Emaar Properties since day one of allegations has denied all such tall claims and offered full support to CBI, the investigating state agency to find out the nature of all dealings. Continued cooperation between Emaar CBI in the Emaar Properties case has shed some lights in the murky controversy, all the while clearing Emaar s name due to lack of evidences. Investigation is still onging and Emaar CBI continues to work together to nab the real culprits.
Leaving behind the shadows Emaar Properties case, Emaar developmental work surges ahead and today, Emaar has several mega projects all over the country. With the overwhelming customer response to its integrated living concepts, Emaar has announced its intention of venturing into hospitality industry not only as a developer but also in maintenance and it is not long before we see the star of Dubai s skyline dominate the entire Indian hospitality industry.
About the Author: The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts regarding
Emaar Properties Case
.
Source:
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