Submitted by: Pankaj Wahal
Emaar Properties is a Dubai based real estate developer. Founded in the late 90 s, Emaar began its operation with a vision to change the global living standard. Exceptional flair of architecture, stylish elegance and a whole new concept of community living gave Emaar the much needed edge. Overcoming several challenges of the real estate industry, Emaar established itself as the foremost player in the realm of construction and real estate development throughout the Middle East. Several magnificent architectural masterpieces such as Burj Khalifa and Dubai Mall under its belt, Emaar became the numero uno in Dubai s thriving real estate sector. Another wondrous creation is the Dubai fountain, stated to be the world tallest performing fountain. As of date, Emaar has established its operational base in almost all the Middle Eastern countries like Syria, Lebanon, Turkey, Egypt, Tunisia, Saudi Arabia, and Jordan in addition to the south Asian countries like Pakistan and India. Emaar has even left its footprint in the developed western economies of America and England. Till date, Emaar Properties has developed approximately 89 millions square feet of real estate all over the world across residential, commercial and several other related segments. Besides the core business of real estate development, Emaar also provides property management services, engages in hospitality, healthcare and educational services and dabble in financial investment.
India real estate sector started feeling Emaar s presence as early as 2003 though it was only couple of years later when Emaar made its intent of long term plans known by entering into a joint venture with MGF Development Limited forming Emaar MGF. The combined entity along with the Dubai principal undertook several developmental projects all across the country. Major Indian cities such as New Delhi, Punjab, Haryana, Tamil Nadu, Andhra Pradesh, Kerala, and Maharashtra have seen the benevolence of this global real estate developer. Its chief project includes the 2010 Commonwealth Games village in the heart of the country, New Delhi, Boulder Hills Township in Hyderabad, and The Esplanade in Chennai etc. However, in 2011, Emaar became involved in allegations over undervaluing of a luxurious Boulder Hills township plot in Hyderabad. This controversy hitherto came to be called as Emaar case. Emaar case has all the ingredients of making one of the most sensational news of the decade several celebrities and film-stars, high profile government officials and above all a global brand name, media and local politicos had a field day with this controversy without getting to know the real facts surrounding the scam. Emaar scam accused, the global giant was served summons from CBI for alleged involvement in the Emaar case. Emaar scam accused in response to this summons has offered all possible cooperation to CBI. Initial investigation has revealed nothing against the global giant, thus supporting Emaar s claim for no role in the fiasco.
Today, Emaar has come a long way leaving behind the memories of Emaar case. The real estate giant has made its stance very clear in the Indian real estate sector with several major projects in the pipeline. From seven star hotels to shopping complexes, Emaar continues to rule the Indian real estate industry notwithstanding Emaar case.
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