The alleged accusations against renowned global real estate developer Emaar for its involvement in the Hyderabad land scam has been vehemently denied by the property developer. The alleged scam centres around properties belonging to Emaar in the state capital of Andhra Pradesh, Hyderabad. An upscale community, the township was built with the vision of a self sustainable unit. Located conveniently in the heart of the city, the township is a premier residential complex surrounded by spectacular greens of an 18-hole golf course. Crafted to perfection, each residential unit is designed to fulfil international standard of living. APIIC or Andhra Pradesh Industrial Infrastructure Corporation, co-builder of this luxurious venture was accused of illegal acquisition of land for the project and APIIC, in turn accused Emaar Properties for alleged dilution of public stake in the venture from 26% to 6%. Emaar in all its essence has strongly refuted these allegations and has responded with full co-operation to the highest investigating agency of the country, CBI in order to clear the mud from its impeccable repute and name. CBI Emaar joining forces has made various people sit up and watch cautiously the unveiling of the real motive behind these allegations. Apart from maligning the name of the property developer, it is also emerging as a planned campaign against foreign companies taking precedence in the local market. It is to be noted here that no charges has been framed against any officials of Emaar Properties or Emaar MGF to this date for lack of proper evidences. The global developer has criticized the local media and politician who had fuelled the fire by christening the controversy as “Emaar scam”. Emaar scam or Hyderabad land scam investigation is ongoing and several APIIC officials have been served summons by CBI in this regards. Emaar has always maintained its stance since day one of the allegation for no involvement and CBI initial investigation supports its claim.

Emaar MGF was formed in 2005 by a joint venture between world foremost property developer, Emaar Properties and India’s very own mega player, MGF Development Limited. While it must be noted that Emaar has global presence and has developed more than 80 million square feet of real estate encompassing residential, commercial and various other business hubs; MGF Development Limited is a key player in Northern Indian retail real estate having developed more than 2 million square feet of retail space. Emaar MGF combined has pan India presence with operations spanning across residential, commercial, retail and hospitality sector. With initial focus on delivering high end residential units, complexes and township, Emaar Properties has carved a name for itself by its several successful ventures such as the commonwealth Games village in New Delhi, the swanky Palm Greens in Gurgaon, the luxurious esplanade in Chennai and Boulder Hills in Hyderabad amongst many others. Most major Indian cities have experienced the global properties developer’s unique and sensational designs. Famous across the globe as a leader of innovative lifestyle with a complete spectrum of choices, Emaar properties has been changing multitude of lives since its inception in 1997 in the emirates of Dubai and still continues to do so.

I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate and Travel. This article is about Hyderabad Land Scam.

I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate and Travel. This article is about Hyderabad Land Scam (http://www.artipot.com/articles/1538454/emaar-properties-falsely-accused-in-the-hyderabad-land-scam.htm)

Author Bio: I am a freelance writer and enjoy writing small, informative articles on topics related to Real Estate and Travel. This article is about Hyderabad Land Scam.

Category: Real Estate
Keywords: Hyderabad Land Scam, CBI Emaar