Emaar Property scam or Emaar MGF scam in which Emaar was allegedly accused along with APIIC for undervaluing of land for Boulder Hills Township in Hyderabad is considered as one of the most overhyped case in the Indian real estate industry. State government run APIIC or Andhra Pradesh Industrial Infrastructure Corporation was entrusted with the task to build an upscale integrated community in the heart of the state capital, Hyderabad. APIIC took in Emaar as a co-developer, thus capitalizing on Emaar’s extensive expertise on integrated community concepts. Built across 531 acres, Boulder Hills Township is constructed around an 18-hole golf course and offers the best of designs and quality. However, this dream project became shaky as rumours of irregularities in land acquisition started doing the rounds and media added more fuel to the fire by naming it Emaar MGF scam. However, the real estate developers have always claimed for non-involvement in any mal practice and have extended support to the investigating agencies.
Emaar MGF has come a long way from where it started in 2005 and still is the forerunner in Indian real estate development. Announcement to build and manage the finest seven star hotels in the capital city of New Delhi and Kolkata has made several market watchers to sit up and take notice of this global giant. Besides, the real estate developer has also charted it future with several big projects all across the country.
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