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 the global meltdown led to a near-collapse of the Indian property market. Emaar had planned to raise money from pre-sale of flats. But the crash in the property market threw its calculations haywire, forcing the developer to plead for a bailout.
More : business-standard.com
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