Emaar Properties is one of the most reputed real estate developers in the United Arab Emirates or UAE. Based in Dubai, one of the seven emirates that make up UAE, Emaar was established in 1197. With the strong backing of the Dubai ruler Mohamed Maktoum, Emaar scaled impossible heights in the city of Dubai. Magnificent architecture, innovative construction methods and timely delivery made Emaar the star of Dubai skyline. Initially, the company started as a construction unit focussed solely on real estate development. However, today Emaar Properties is a well known name in the realm of hospitality, retail, education and healthcare. Its success is not limited to Dubai Skyline only, with presence in more than 16 countries, Emaar, today has more than 50 active companies under its empire. Emaar properties has active operational base in Lebanon, Egypt, Jordan, Morocco, Pakistan, India etc. Even the developed economies like United Kingdom and United States of America has not been left untouched by Emaar.

Establishing itself as a global player is no small feat in itself; however, Emaar seemed to sail through the river of success without much hindrance. With numerous achievements like the Burj Khalifa, Dubai mall, Armani hotels, Arabian ranch, and Emirates Hills amongst other, Emaar set out to replicate its success stories all over again in developing countries like India and Africa.

Emaar entered the Indian soil at a very importunate time. The country was opening up its vast resources to foreign companies. Emaar struck hard on Indian market with one of the largest FDI of that time in the real estate sector, a huge amount of over half a billion US $ and the deal paid off in dividends for the global player. In 2005, Emaar selected the best player in the domestic market MGF as its partner and formed the entity, Emaar MGF. With a capital outlay of 4 billion US $, Emaar MGF took up several projects in New Delhi, Punjab, Haryana, Andhra Pradesh, Karnataka, Tamil Nadu, and Maharashtra among other. These projects pertain to development of residential complexes, town houses and villas along with planned community including various civic amenities and facilities. There has been a marked increase in swanky and contemporary high-rise as an aftermath of Emaar MGF collaboration. No matter how smooth the ship of success sails, storms are an integral part of all successful endeavour. Emaar Properties along with Emaar MGF combined were accused in the alleged Emaar Property scam in Hyderabad. Emaar was accused of undervaluing plots of a luxury township project in the state of Andhra Pradesh. Media fuelled the fire by typecasting the scandal “Emaar Property scam” as Emaar happens to be the major developer of the project. Emaar accused of diluting public stake has denied all allegations and has claimed that it had no hands in the scandal. And truthfully, initial investigation by CBI has found no evidence against Emaar Properties or Emaar MGF which supports Emaar’s case.

Despite the minor setback, Emaar property have not backed off from its grand plans of bringing an architectural revolution in India, but has become more clear on its stance in Indian soil. With several lucrative projects in the offing, Emaar has already charted its growth plan in the Indian real estate sector.

The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts about Emaar Property Scam(http://realestate-sector.blogspot.in/2013/02/emaar-going-great-guns-in-spite-of.html).

The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts about Emaar Property Scam(http://realestate-sector.blogspot.in/2013/02/emaar-going-great-guns-in-spite-of.html).

Author Bio: The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts about Emaar Property Scam(http://realestate-sector.blogspot.in/2013/02/emaar-going-great-guns-in-spite-of.html).

Category: Real Estate
Keywords: Emaar Property scam, Emaar accused