Emaar Scam, an alleged land scam in the state of Andhra Pradesh seems to be a misnomer. The alleged name of the scandal was deliberately chosen to make it look like something it was not and the innocence of Emaar, CBI says, is coming out as the investigations proceed. It appears that the real scandal, if there was one, had nothing to do with Emaar and the real estate company may have been implicated in it by people with vested interests to discredit the real estate giant. As the investigations progress, the members and officials of APIIC or Andhra Pradesh Industrial Infrastructure Corporation are being summoned and questioned as their role in the alleged scam seems to be paramount. Emaar Scam may have been off the media’s mind for some time now but the real estate company is in no mood to forget about the allegations and is doing its bit to ensure that its name is cleared from the controversy. Emaar CBI close coordination has since been applauded by all authorities who have never witnessed an accused party cooperate to the extent as Emaar has done in the recent times. It furthermore indicates that Emaar may have nothing to do with the alleged Emaar Scam.

Amidst a lot of fanfare, Emaar decided to come and test the Indian real estate market in the year 2005. Hitherto, the real estate industry in India was a strongly regulated domain and the government did not allow foreign players to invest in this industry. However, since the opening up of the Indian economy post the 1991 economic reforms, the government’s view on Foreign direct investment had been considerably shifting towards a positive approach of letting foreign players pump in capital in the struggling industry of real estate. Hence, when the government allowed FDI in real estate, Emaar decided to pump in close to half a billion US dollars in Indian real estate market which was in dire need of investment. As the government rules demand that FDI by foreign players can only be made through a joint venture with a local player, Emaar joined hands with MGF and gave birth to Emaar MGF and there has been no turning back since.

The alleged Emaar Scam notwithstanding, the joint venture of Emaar MGF has been one of the fastest growing real estate firms in India. Though Emaar may not have yet undertaken massive construction projects like that of Burj Khalifa in Dubai, the tallest building of the world or The Dubai Mall, one of the biggest operational malls, Emaar has definitely left a mark on the real estate market in India by setting steep benchmarks for the local players by delivering world class projects like the famed Commonwealth Games Village in the capital city of India. Other cities of India can also vouch for the expertise of Emaar in delivering projects within stipulated timelines and with clinical precision as Emaar has constructed luxury residential townships, IT Parks, Industrial Infrastructure and other commercial spaces all over India. With Emaar CBI collaboration clearing the real estate giant’s name from the alleged Emaar Scam, the Emaar MGF joint venture seems to be on its way to become India’s leading real estate player.

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.

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 (http://www.artipot.com/articles/1546941/emaar-properties-scandal-or-emaar-scam-how-controversies-are-manufactured.htm).

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 regarding Emaar Scam.

Category: Real Estate
Keywords: Emaar scam, Emaar CBI, CBI Emaar