The relaxation of trade and business norms in the Indian growing economy has attracted the attention of many foreign investors. India’s incipient market opening to the world not only pushes the country into the international arena but also invites global attention. With an assured GDP growth of 7 % for the next decade, it is not wrong to say that India is growing to become one of the leading countries with flourishing key areas such as retail, construction and infrastructural development. India being a developing nation has all the space to grow and develop as compared to already developed nations which have reached a state of saturation.

In the realm of construction and development, many international real estate companies have brought a vast change in the country. Luxurious designer houses used to be the choice of wealthy people in India at certain point of time but with the coming of these expert global builders, it is becoming an easy choice to consumers. Emaar Properties in this regards is one of the major international real estate companies that have taken an interest in the nascent Indian market. A world leader in luxury lifestyle, Emaar has contributed a good deal in the country’s building and development sector by entering into a joint venture with domestic retail player, MGF Development Limited in 2005. Unsurpassed luxury, unique architecture, designs, and stylish elegance mark all Emaar homes. Bringing a revolution of integrated community lifestyle, each property is built as par international standard of living. The capital city of India, New Delhi has the finest example of Emaar Properties self sustainable unit style of concepts, the Commonwealth Games Village. Besides the capital city, several major cities including Haryana, Tamil Nadu, Andhra Pradesh, Punjab, Maharashtra and Kerala has seen many changes in the realm of luxurious residential and commercial properties. Besides residential complexes and townships, Emaar has built several IT parks, Business hubs, business complexes, entertainment centres and even civic amenities all across the nation.

Emaar MGF, the creator of Commonwealth Games Village was allegedly accused of illegal siphoning of land to consumers in Hyderabad, state capital of Andhra Pradesh. The infamous Emaar property scam involves the Boulder Hills Township in Gaichibowli, a luxurious residential township envisioned to be a self sustainable unit encompassing lush green 18-hole golf course and resort style hotel. The township was developed in conjunction with state run APIIC or Andhra Pradesh Industrial Infrastructure Corporation. Emaar came under the purview of state agency for alleged dilution of APIIC stake in the project. Since day one of allegations, Emaar has denied its involvement in any wrong doing and has worked in close cooperation with CBI. Emaar CBI continues cooperation and it has been reported that initial investigation has revealed no evidences against the property developer. Investigation is still ongoing in the Emaar Property scam and Emaar CBI continues to work together in search of the real culprits.

Leaving behind the scars of Emaar Property scam, Emaar MGF has taken up several lucrative projects throughout the country. If rumours are to be true, New Delhi and Kolkata might see their first luxurious seven star hotels, all thanks to the mighty resolve of this international player to establish itself in the thriving Indian hospitality 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 regarding Emaar Property 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 Property Scam (http://internationalrealestatenow.wordpress.com/tag/emaar-property-scam/).

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 Property Scam.

Category: Real Estate
Keywords: Emaar Property Scam, Emaar CBI