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Down turn realty atmosphere sacks Emaar for game village

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Realty major Emaar MGF land Ltd is on talks with Delhi Development Authority for the property of the commonwealth games village and the company also paid an upfront of Rs 800 crore to the Development authority. But now going through the tough phase of realty it has become hard for the company to sell the apartments as added on www.propertykhazana.com.
Source reported at www.propertykhazana.com says that the company has earlier owned the rights from the Development Authority of Delhi amounting nearly Rs 321 crore for the 800 flats out of 1168 put up for sale. The proposed site was urged as one of the national importance where the Delhi development body has the right of marketing for the remaining portion of the units. Now the Delhi Development Authority has decided to bring up a committee to make decision on the valuation of the games village’s residential units for making it affordable for the buyers.
So now Emaar group is willing to hand over the entire range of flats back to the authority with the previous sum of Rs 800 crore for any rate per square feet they decide. These game village units were originally meant for the residential purpose for the athletes of the event and later it was mended to sell to the interested buyers. Earlier DDA was also asked to visit the court as part of violation of the capital environment constructing the game village site close to the river Yamuna. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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