Indian Realty Market is no doubt facing the brunt of the global economy meltdown. Many developers are facing acute credit crunch. Emaar-MGF is a leading property developer in India which has a strong market reputation in other parts of the world. Recently the Delhi Development Authority (DDA) forwarded a bailout package of Rs.700 crore to Emaar-MGF who is complaining of credit crunch. This realty company is undertaking the project for the Commonwealth Games Village.
The word ‘bailout’ can be heard everywhere even out of India. The responsibility of the CGV project is extremely significant for the government of India specifically for the government of Delhi. The latest announcement made by the Delhi Development Authority will supply a simultaneous flow of fuel to Emaar MGF. The company won the contract for constructing 1,168 flats under a private-public partnership in association with DDA.
Earlier Emaar decided to sell off 70 per cent of these flats to manage the required cash for ongoing construction work. However, the bailout given by the Delhi Development Authority has been a great relaxation and hopefully the CGV will be soon built to shelter the 8,500-odd athletes as well as the rest of the guests who will come with them.
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