Emaar India

Last updated
Emaar India
Type Private
Industry Real estate
FoundedFebruary 2005;18 years ago (2005-02)
Headquarters
Gurugram
,
India
Key people
Kalyan Chakarborty
(Chief Executive Officer)
Parent Emaar Properties
Website in.emaar.com/en/

Emaar India Limited is a real estate developer principally engaged in promotion, construction, development and sale of integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls, hotels, and other developments. The company develops residential and commercial projects in different parts of India, including Gurugram, Delhi/NCR, Mohali, Lucknow, Indore and other Indian cities. [1] [2] [3]

Contents

Emaar started its operations in 2005. [4] The company is promoted by Emaar Properties PJSC, Dubai (“Emaar”). [5] Being a subsidiary of Emaar, the company is also controlled and managed by Emaar in India.

History

On April 11, 2016, Emaar Properties terminated its joint venture with MGF Developments. [6] Following this, Emaar MGF Land Ltd filed the demerger scheme in Delhi High Court on May 16, 2016. [7]

In August 2017, Emaar India stated that it has appointed of Snapdeal’s Chief Strategy & Investment Officer Jason Kothari and Sudip Mullick of the law firm Khaitan & Co to the board of directors. [8]

Emaar India communicated to its customers about initiating the process of demerger of the Company pursuant to a Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 and filing such Scheme with Delhi High Court. It also shared target completion schedules for all projects with achievement of specific milestones and uploaded the same on its website to reassure customers that ongoing projects would be completed. [9]

Emaar revamped its project management team to speed up execution and delivery of over 50 projects that were stuck due to the impending demerger between the two parent companies. The developer hired over 100 additional employees in the Project Management space. [10] The developer increased its workforce to 10,000 labourers at the time of initiating the demerger process. [10] By September 2017, the labourers headcount was more than 15,000. [11]

Projects

Controversy

In response to a directive from a Gurugram court, authorities filed an FIR against UAE-based realtor company Emaar Properties PJSC, its Indian subsidiary Emaar India, and 13 others. The allegations included cheating MGF, their former business partner, through the undervaluation of land and other offenses. Emaar India refuted any criminal association, describing the accusations as an attempt by MGF to harass Emaar and its employees. [12]

The FIR, initiated on November 20,2023, following an order by Chief Judicial Magistrate Ramesh Chander, names Emaar Properties PJSC, Emaar India Ltd, director Bharat Bhushan Garg, and others. According to the complaint filed by Saurabh Singh on behalf of MGF Development Limited, the accused undervalued land in Gurugram sectors, allegedly with the assistance of Jones Lang Laselle (JLL), an independent valuer. The complaint asserts that forged valuation reports were created to cause wrongful loss to MGF. Additionally, Emaar is accused of exploiting warranty indemnity and litigation indemnity agreements for personal gain, leading to losses for MGF. [13] [14]

Awards

2017

2016

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References

  1. ↑ "Emaar Story". Emaar India. Retrieved 2017-10-05.
  2. ↑ "Real Estate Company - Buy Residential & Commercial Properties in India | Emaar India". emaar-india.com. Retrieved 2018-01-30.
  3. ↑ "Emaar India to inject $1.85 billion into operations over two years". Construction Week. October 16, 2023.
  4. ↑ Babar, Kailash (2017-03-28). "Emaar India raises Rs 2,500 crore to fast track projects". The Economic Times. Retrieved 2017-10-05.
  5. ↑ "Emaar Properties PJSC | Global Property Developer". www.emaar.com. Retrieved 2017-10-05.
  6. ↑ Nandy, Madhurima (2016-04-13). "Dubai's Emaar ends 11-year old JV with MGF Developments". Livemint. Retrieved 2017-03-02.
  7. ↑ "Emaar MGF files demerger scheme in Delhi High Court – Times of India". The Times of India. Retrieved 2017-03-02.
  8. ↑ ET Realty. "Emaar India appoints Jason Kothari & Sudip Mullick as independent directors". www.etrealty.com.
  9. ↑ indiainfoline.com. "Emaar MGF offers new timeline for project completion" . Retrieved 2017-03-02.
  10. 1 2 "Emaar revamps project teamto fast track over 50 projects – The Economic Times". The Economic Times. Retrieved 2017-03-02.
  11. ↑ ANI (2017-09-02). "Emaar India to deliver 11,000 flats by 2018 in Haryana". Business Standard India. Retrieved 2017-09-14.
  12. ↑ Correspondent, Special (2021-08-19). "FIR lodged against Emaar India top officials on charges of forgery". The Hindu. ISSN   0971-751X . Retrieved 2023-11-28.
  13. ↑ "Emaar Properties faces FIR on MGF's complaint after Gurugram court order". Business Standard. November 25, 2023.
  14. ↑ "EMAAR-MGF dispute: UAE-based realty company booked by Gurugram police". Hindustan Times. 2023-11-24. Retrieved 2023-11-28.
  15. ↑ ANI (2017-11-29). "Emaar India wins Developer and Employer of the Year awards". Business Standard India. Retrieved 2018-03-21.
  16. ↑ "Emaar India named 'Developer of the Year'" . Retrieved 2018-03-21.
  17. ↑ "Emaar India bags industry honour at DNA Real Estate Awards 2016" . Retrieved 2017-03-02.
  18. ↑ "Award Winners | 2016 | North 2016". rp-awards.com. Retrieved 2018-03-22.
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