Inauguration of Indian Bailout Games:Cash-strapped realty major Emaar MGF may turn out to be the first major beneficiary of a government package in the real estate sector, thanks to its partnership with Delhi Development Authority (DDA) for the 2010 Commonwealth Games village project in east Delhi.
The government had already facilitated a nine-month deferment of its Rs 50-crore instalment to State Bank of India (SBI), and has now further asked DDA to prepare a report on buying out flats (starting at Rs 1.7 crore!) at a negotiated price (current property rate: Rs 12,750 and Rs 15,000 per sq ft.!), a government official told SundayET.
Next? DLF or Unitech?In fact, Emaar MGF could turn out to be the lone beneficiary in a downturn where all major real estate companies, including DLF and Unitech, are affected and witnessing a sharp erosion of their bottom lines.
The government has so far refused to give any concession to the real estate sector and is asking for a price correction.
To read more, please, visit - Neha Dewan & Shantanu Nandan Sharma -The Economic Times
What is your take on the Indian Government's refusal and asking for a price correction?I didn't like Indian Government's attitude! This is not fair. Principal real estate company should be more considerate towards smaller real estate companies operating under it's umbrella. Don't you think so? Please, share your views in the comments. (Comments Policy)
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