This edition of CNBC-TV-18‘s Prime Property takes a look at the debate on the draft realty bill and how Emaar MGF was slapped with a showcause notice for contravening foreign exchange laws.
Realty giant Emaar MGF has been accused misusing overseas funds to thousands of acres of agricultultural land in violation of Foreign Exchange Management Act.
A group of ministers (GoM) including urban development minister Kamal Nath and defence minister AK Anthony met today on the CWG Village case.
The CBI on Wednesday questioned EMAAR MGF's managing director Shravan Gupta on the ongoing probe into the alleged disproportionate assets case of Kadapa MP Jaganmohan Reddy, son of late chief minister YS Rajasekhar Reddy.
Real estate developer Emaar MGF today said it has posted a net loss of Rs 205.94 crore for the year ended March 31, 2011, mainly on account of selling its hospitality project in Kolkata at discount.
Dubai's Emaar Properties is coming to its Indian joint venture Emaar MGF's rescue, reports CNBC-TV18.
Real estate developer Emaar MGF today said it conducts valuation exercise of its assets on a regular basis and rebuffed reports of a possible split between its partners -- MGF Development and Dubai's Emaar Properties.
The second report by the Shunglu panel, which is enquiring into corruption in the Commonwealth Games, has pegged the total loss to the exchequer at Rs 220 crore. It alleges that this loss was caused by Emaar MGF, which was developing the games village. Netwok18 has access to the report and Bhupendra Chaubey reports on the findings.
With the real estate developers turning to smaller towns and cities in north for development, the realty prices are expected to surge this year. The development of infrastructure and availability of land at cheaper rates are attracting the developers to set up projects in these cities, a report in FE states, quoting market experts.