Real estate firm Emaar MGF Land Ltd has asked the Delhi Development Authority (DDA), the agency that oversees urban development in the national Capital, for Rs800 crore upfront for the apartments it is building at the Commonwealth Games Village, according to people familiar with the development.
Emaar MGF had won the rights from DDA for Rs321 crore to develop and sell 800 flats out of the 1,168 it is building at the site in a project considered to be of national importance. DDA has the marketing rights for the remaining apartments.
DDA has set up a committee to decide on the fair valuation of the apartments, the people said. At whatever rate per sq. ft is decided by this committee, Emaar MGF is willing to hand over the proportionate number of flats for Rs800 crore, they said.
More : livemint.com
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Hamptons International has announced availability of Commonwealth Games Village 2010 by Emaar MGF. As Delhi gears up to organize the Commonwealth Games 2010, the city is witnessing an infrastructural makeover, including the development of world class sporting infrastructure, roads, flyovers, hotels, modern transportation facilities and a new Games Village.
Emaar MGF, one of Indias leading real estate companies, has been chosen by the Government to develop the Commonwealth Games Village 2010, through an international competitive selection process. Hamptons International is one of the premier international residential agents offering an extensive portfolio of property across the globe. The company is owned
The price fixation committee, constituted by the Delhi Development Authority (DDA) to look into the various funding options for the Commonwealth Games Village, has advised the DDA against buying 250 flats from developer Emaar-MGFs share to help out the financially beleaguered realty major.
Instead, its report has asked DDA to consider loaning the developer Rs 500 crore at an interest of 12 to 13 per cent to complete the projects 1,168 flats.
The initial partnership between Emaar and DDA gives the developer rights to sell two-thirds of the 1,168 flats, while the rest were to be sold by DDA. Emaar
The Delhi Development Authority (DDA) has announced a Rs 700 crore bailout package for cash-drained Emaar MGF, which is developing the Commonwealth Games Village (CGV) project.
The package envisages purchase of 333 flats in the CGV project instead of a loan. The price at which the flats will be bought is 13 per cent higher than what was recommended by an expert committee constituted by the government to decide the modalities of bailing out the Indian unit of Dubai-based Emaar. However, it is well below what Emaar was asking.
Emaar had sought a Rs 1,000 crore bailout. The request was made after
Global realty firm Emaar Properties, which is building the worlds tallest tower Burj Dubai, has reported a loss of 1.77 billion dirhams ($481.90 million) in the fourth quarter ended December 2008, mainly due to slowdown in the realty market and writing off investment in US-based JL Homes.
In the fourth quarter of 2007, it had posted a net profit of 1.74 billion dirhams, Emaar Properties said in a statement.
The company's revenues fell to 3.49 billion dirhams from 5.14 billion dirhams during the period under review.
More : business-standard.com
Real estate agents have descended on the Commonwealth Games village on the Yamuna riverbed to guide buyers to what is likely to become the most sought after residential apartments in the NCR. These apartments command an average Rs 14,000 per sq ft for two bedroom flats and Rs 13,412 per sq ft for five-bedroom apartments. In June, there has been a good response with about 250 people booking apartments here, said, Kaushal Bhansali, a representative of builder Emaar-MGF.
A partner in Gurgaon-based real estate firm, Lares & Penates, Rohit Arora, said, We are getting bookings from NRIs, CEOs and big
