For the first time in financial stuck situation for an incomplete project the govt. has laid its financial aid to Emaar group with Rs 500 crore. Sources at www.propertykhazana.com reveals that after the Emaar group has sough inability to complete the games village of common wealth games due to the financial crunch the govt. has made a sanction a loan of Rs 500 crore to the company to continue the construction.
The Emaar group has won the bidding for the construction of the games village from the DDA and asked the govt. for a financial aid of Rs 800 crore. But the govt. has declared a loan of only Rs 500 crore and asked the company to complete the project in due time as it belongs to the part of national interest as per the declaration of a senior official of urban development ministry on www.propertykhazana.com.
Confidential sources of www.propertykhazana.com also reveals that this loan of Rs 500 crore will be under the strict bracket of 12 to 13 percent interest and few residential projects of the village will be collateral with the DDA. Earlier a proposal of the company to sale a portion of its project has been rejected by the committee of DDA and instead launched the offer of extending the loan of Rs 100 crore which further grew up to Rs 500 crore so that the games village work continues without delay. For more updates visit www.propertykhazana.com.
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