Emaar Case Investigations By Cbi, Emaar Leaves A Lot Of Questions UnansweredJune 20, 2023
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Submitted by: Pankaj Wahal
Independent investigations by CBI, Emaar in the alleged Emaar Case seem to have left everyone red faced who cried foul against the real estate developer from Dubai. Initial findings indicate that Emaar may have had no role to play in the alleged wrongdoings and may just be an attempt to hurt the image of the real estate giant. The media frenzy which surrounded the alleged controversy has since died down but Emaar is leaving no stone unturned to ensure that the truth about the allegations see the light of the day. Known and respected for its transparency all over the globe, Emaar is not a company which will take such allegations lying down and hence CBI Emaar are working closely together to unearth the plot of this controversy or better known as Emaar case. What started in Hyderabad as a smear campaign against the real estate developer, along with its local partner MGF, is turning out to be a blessing in disguise for Emaar as it is unprecedented in India to see a company openly cooperating with the investigation agencies and providing full support to bring to justice the real culprits in the case.
Emaar had a very low profile entry to the Indian real estate market in the year 2003. Hitherto, the Indian real estate sector was strictly regulated by the government of India and hence foreign players could not step foot in the country. However, as is the practice since the 1991 economic reforms, slowly most of the sectors are being opened for international players through the Foreign Direct Investment routes. Once the real estate market was deregulated by the government of India, Emaar decided to enter the market after conquering most of the middle east and other nearby regions. As is the requirement of the local laws, Emaar had to choose a local partner and thus the Emaar MGF partnership in the local market was forged and the company started its operations in India soon after. While there may have been a lot of resistance from domestic players , it was unprecedented that people with vested interests chose to fight off Emaar via scandalous allegations like the Emaar case Hyderabad, something surprising even by Indian standards where scams are part and parcel of everyday life. CBI Emaar investigations, however, have been very productive and it has emerged that Emaar seems to have been incorrectly involved in the allegations by people with vested interests. The investigations are ongoing and Emaar is providing its full support to the investigation agencies.
Since the minor hiccup of Hyderabad, Emaar MGF has not looked behind and continues on its journey of excellence, something that Emaar properties is renowned for in the entire world. After conquering the real estate markets of first Dubai and then the rest of the middle east, Emaar properties is a famed name in the entire Asian continent and with a footprint in the western world including the United States of America. The local arm of Emaar properties in India, Emaar MGF, has shown a lot of promise and has already developed some of the finest real estate projects that this country has seen. Allegations of scams and scandals notwithstanding, it appears that Emaar MGF will conquer the Indian real estate sector as easily as it has done across the world.
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