Emaar properties is a Dubai based real estate firm with operations in multiple countries across many continents. Set up in the year 1997 in Dubai, Emaar properties has witnesses a huge growth in just a decade and a half years of operations. While there have been many companies which have grown tremendously in their own sectors and within their local markets, Emaar properties has been an exceptional case in point considering that it not only conquered the local as well as international real estate markets but has also diversified to move beyond real estate. Emaar properties today is as successful a real estate firm as it is a real estate management firm and with quick advances in software and other domains as well. The success of Emaar properties in Dubai can be seen in the light of two biggest projects to its credit which were not only a local record but were of international record breaking levels. The famed Burj Khalifa, the tallest building in the world, has been constructed and is managed by Emaar properties. The other world record shattering project that Emaar properties undertook was construction of the world’s biggest functional mall, The Dubai Mall.
With such reputation, Emaar attracts a lot of attention where it goes. Emaar properties set foot on the Indian shores in the year 2003 after partnering with a local player as per local laws and gave birth to Emaar MGF. However, the entry of Emaar in India shook up a lot of people including from domestic real estate firms, people opposed to FDI in real estate and other politically motivated groups and individuals. While it was next to impossible to challenge Emaar in a straight business face off, a cunning plan seems to have been forged to discredit the company name. The Indian news channels went into an overdrive to cover the alleged Emaar scam in Hyderabad, also known as the Emaar properties case. While the media in India is fairly free and unbiased, the love for advertizing revenue forces it to cover such stories which appeal to the masses. Hence, when the allegations were made against such a reputed real estate company, it went all over the news channels for hours and hours each day. As the investigations proceed, it is slowly being revealed that apart from the adopted name of the alleged scandal, the real estate giant had no role to play in the Emaar Scam or Emaar properties case.
The government agency which was involved in the Hyderabad project with the real estate company seems to have kept its partners in the dark about devaluing the land for vested interests. When the news of undervaluing of the land came out, it was more attractive and sellable to use the name “Emaar” in the scandal as it would have easily caught the attention of the masses. As a result, a controversy in which Emaar had no role to play came to be known as Emaar Scam or Emaar properties case. So far, the investigations in to the matter have not revealed any information which shows or even hints any wrongdoings by the real estate company.
The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts regarding Emaar Scam.
The author loves to write small, informative articles on topics related to Real Estate and Travel. In this article, he is expressing his thoughts regarding Emaar Scam (