Track2Realty-Agencies: Real estate developer Emaar MGF Land Ltd has been directed by the apex consumer forum to refund Rs 2.4 lakh to a man for “deficiency” in service in connection with booking of a residential plot in Mohali.
Track2Realty: Emaar MGF (EMGF) has announced the launch of ‘Imperial Gardens’, a fine conglomeration of luxury and fine living, in sector 102, Gurgaon. The company plans to develop 9 high-rise towers comprising 580 units of 3BHK apartments with floor area of 2000 Sq. Ft. each.
Track2Governance-Agencies: The Enforcement Directorate (ED) has attached properties owned by Emaar MGF, the builder of Commonwealth Games Village in Delhi and several projects in Hyderabad, for alleged violation of Prevention of Money Laundering Act.
Emaar Properties has reported a 44.35% jump in net operating profit of $332 million for the first six months of this year. The company had posted an operating profit of $230 million in the January-June period of last fiscal. However, total income for the first six months of 2012 remained flat at $1.068 billion, Emaar Properties said in a statement.
The UT District Consumer Disputes Redressal Forum has penalized Emaar MGF Land Limited Sector 17, for ‘gross deficiency in services’ and ‘unfair trade practice’.
Emaar Properties has used Dubai Mall, one of the world’s largest shopping centres, as collateral to secure Dh3.6 billion (US$980 million) of financing from a trio of UAE banks.
While 560-odd investors were duped by Emaar MGF, banks too were defrauded.
It may well go down as one of the biggest real estate scams in the country. The controversial Commonwealth Games village builder, Emaar MGF, has fraudulently sold off over 560 plots it did not own to unsuspecting buyers in Mohali (Punjab).
EMAAR MGF has bagged the “Prashansa Patra” award 2010 from the National Safety Council of India for its Boulder Hills, Excelsior Residential Project, a 7 acre high-rise project in Hyderabad.
Real estate developer Emaar MGF Land’s third attempt to raise Rs 1,600 crore through an initial share sale offer has hit a regulatory hurdle.