Cbi Emaar Find Real Estate Player Innocent In The Alleged Emaar Scam In Hyderabad

Submitted by: Pankaj Wahal

As the investigations by CBI Emaar continue, it is emerging that the real estate giant may have been falsely implicated in a land scam in Hyderabad popularly referred to as Emaar Scam by the media. APIIC or Andhra Pradesh Industrial Infrastructure Corporation in Hyderabad was given the task of creating a luxury residential township by the Andhra Pradesh government. APIIC or Andhra Pradesh Industrial Infrastructure Corporation is an organization which has the task of improving the industrial infrastructure in the state of Andhra Pradesh and had earlier constructed and maintains a host of industrial space and infrastructure all over the state of Andhra Pradesh, including the state capital Hyderabad. APIIC needed a third party to assist it in constructing the luxury township and bids were invited by Andhra Pradesh Industrial Infrastructure Corporation to this effect. Emaar MGF, a joint venture between Emaar Properties and MGF India won the bid and started the work on the project. However, soon there were allegations of land undervaluation and the alleged scam got the name of Emaar Scam just because the name of the reputed real estate giant was sufficient to attract mass attention. A joint CBI Emaar investigation over a period of time however found the real estate giant innocent in the alleged Emaar Scam but the name of the scam remained attached to the real estate firm s name in the mainstream media.

Since the days of Hyderabad, Emaar MGF has proved that Emaar is one of the most transparent organization in the world and believes in fair play. The commitment to bring the accused parties to justice indicates that Emaar has a long term plan to stay in India and is in no mood to make a quick buck and exit the market. Emaar Case has done nothing to shake the confidence of the real estate firm and it is committed to its projects spanning the length and the breadth of the country. It is evident in the number of projects Emaar MGF is presently constructing all over India although the overall industry is still suffering from the impact of US sub prime crisis. It is perhaps the joint venture of Emaar MGF which is keeping the Indian real estate industry afloat and seems to justify the government s decision to allow FDI in real estate.

It was in the year 2005 when Emaar entered India as hitherto the government did not allow foreign players to invest in real estate market in India. In a short span of time, Emaar has gained the respect and trust of the market and seems to be replicating its success story of Dubai in the Indian cities. Dubai, the head quarter of Emaar Properties, is a testimony to the expertise of Emaar as a construction company with Burj Khalifa and The Dubai Mall vouching for the real estate company. Though Emaar MGF has not undertaken such massive projects in the Indian market as yet, the ongoing projects are massive and huge in the Indian context. A country where infrastructure development still remains a big worry, all projects assigned to Emaar MGF have been completed within the timelines. With the memories of Emaar Scam being left behind and the CBI Emaar reportedly clearing the real estate from the allegations, there seems to no stopping this real estate giant from becoming India s leading real estate company.

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 Scam

.

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