Sources at www.propertykhazana.com reported that, realty giant Emaar MGF will be the first to receive the Govt. package in the realty segment; it is because of its association with Delhi Development Authority (DDA) for the Commonwealth Games Village venture in East Delhi. Already Govt. had delayed for more than 9 months in its Rs. 50 Crores installment to SBI and had urged DDA to arrange a report on purchasing apartments at a reasonable rate. Literally, Emaar MGF might appear to be only receiver in a slump where all main realty conglomerates comprising DLF and Unitech are impacted and noticing acute decline in their base lines. Till now the Govt. had denied to give allowance to the realty segment and is urging for a rate alteration.
Urban Development Secretary said to www.propertykhazana.com that, “I have urged DDA to arrange a report on the issue and recommend cinch solutions. By now Emaar MGF has got 9 months more to pay back its Rs. 50 Crores installment to SBI and we are checking out the condition. If the requirement comes up then DDA will either give them a loan or purchase apartments at a reasonable rate and also PSUs might purchase in immensity.” When communicated with the Emaar, company’s envoy confirmed the relisting of SBI loan refund without furnishing any details. We got the loan from SBI in 2007 and we started servicing this loan from 2009.” The developer also confirmed that DDA as a venture associate and was talking about the suitable funding options.
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