Emaar Properties, Dubai based Public Joint Stock Company, is one of the world’s foremost real estate companies. With its collective presence in over 36 markets and more than 60 active companies and various business segments, it is undoubtedly, one of the largest property developers in the world.
In 2011, Emaar suffered a setback in its expansion in the state of Andhra Pradesh. It became embroiled in the controversial Boulder Hills Township dispute. In September 2002, the then Andhra Pradesh Government convinced with the Global Giant’s capability signed a project for development of a world class township. Boulder Hills Township project features a residential cum luxury community comprising of apartments, villas, a golf course and a 5 start resort style hotel on 535 acres of land in Gachibowli. At the time of agreement, Emaar had 51 percent stake while Andhra Pradesh Industrial Infrastructure Corporation (APIIC) had 49 percent. Though Emaar was to sell the housing plots, another company, Stylish Homes Real Estate (P) Limited was entrusted with the responsibility of selling the plots. Then the APIIC share in the venture was brought down. Emaar MGF was said to have benefitted upto 2500 crores. The country’s premier Central Bureau of Investigation is investigating into what is possibly the biggest Property scam in Hyderabad. The Emaar scam accused parties are being investigated for selling off Boulder Hills’ township plot to buyers below the agreed prices. But CBI’s detailed investigation has revealed that allegations against the group were not true as no substantial proof was found against them.
The conflict has not hindered Emaar’s growth plans in India. It has announced numerous lucrative projects in the hospitality & retail sector including two 7 star hotels.
International Real Estate 