Sorry Story So Far
The So Called Joint Venture
Lessons To Be Learnt
Emaar MGF Palm Drive project was launched in year 2007. I must say that the property was sold like hot cakes, may be because of new entry of Emaar Developers in India as a Joint Venture with MGF Group. MGF is one of the top sellers of cars all across north India, with a solid reputation for last 30+years. Similarly, Emaar developers of Dubai has a impeccable reputation of being top real estate developer in Middle East and any piece of that action for India real estate buyers should be premium.
The So Called Joint Venture
Emaar MGF joint venture is being managed as separate entity and in current year i.e. 2014 the situation is such that MGF has parted ways with this company and Emaar Developers is pulling back all their investments so far in the group. I am still not sure if any real estate development expertise was ever blessed to the joint entity i.e. Emaar MGF Developers. Result is just a tragedy waiting to happen. Delays, FERA and CBI enquiries, Penalties, Arrest, Court cases are just normal for Emaar MGF Developers. Director/Promoter Mr. Shrawan Gupta has been charged for FERA, FDI violations. Their premium projects are all but in trouble right from Commonwealth Games Village in Delhi, Boulder Hills in Hyderabad.
Lessons To Be Learnt
All most all of the rest projects launched by developer are substantially behind schedule right from Palm Drive-7 years, Palm Square-6 years, Palm Springs Commercial-7 Years, Marbella-5 Years, Gurgaon Greens-4 Years, Imperial Gardens-3 Years+ just a few in Gurgaon Real Estate. The developer does not have any shame of feel sorry for this and is only concerned for its pockets. Worst is that government is neither taking any action for buyers who are stuck with their purchase and investment in the developer. Any further expose with Emaar MGF Developers could very well be a disaster for so called Investment and is highly discouraged.
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