How safe it is to invest in Emaar Gurgaon?

MGF files complaint against Emaar over ‘illegal transfer’ of Sector 81 land

Do you remember, full page advertisements almost every day in leading newspapers of Delhi to buy Emaar properties in Gurgaon.

The offer used to so lucrative that it was hard to desist, topped with numerous calls from real estate agents.

I was also lured to tempting offers, ranging from three years no EMI payments to possession on only 20 percent payment and high rental income from day one.

Persuaded by a very savvy and soft spoken, real estate agent one day along with my family, I also landed at destined Emaar site, in close proximity to upcoming and highly hyped Trump towers.

The vast expenses of property spread over massive areas, swanky clubhouse, varied sports facilities and full proof security, greeted me, offering heaven for almost free.

The agents have all the answers to my questions and he almost closed a deal by saying that it not about buying a property but about buying a lifestyle. Who will not hooked to it ?

But, the journalist turned Advocate, in me was constantly telling me how come it can be so good and is available almost free ?

The mobile rang and I was compelled to leave the meeting to participate in a TV debate, promising to visit the site again to close the deal.

I parked my car outside the Emaar campus and joined a live debate from my car.

Suddenly, my attention was drawn to some of banners, hung outside the flat of new buyers, complaining about being cheated by promoter.

All of a sudden, I became negative on project and decided to dig deep into it.
I found a CBI case registered against builder and local SDM of area, for conspiring to capture government land and raising illegal tower on it.

Exactly the same way, the twin towers, comprising 80 floors and 854 flats in Noida was built by Supertech.

Armed with new found information, I decided not to invest in Emaar and today, when I read about FIR being registered against the builder, I thank my star, for not investing in it.

Let’s see now, what this FIR is all about. Real estate major MGF Group has filed a police complaint against its erstwhile partner, Emaar, accusing it of forging board resolutions of MGF subsidiary companies and transferring around seven acres in Gurgaon Sector 81 in its name.

Emaar has also been accused of entering into an agreement with a local builder to develop an affordable group housing project on the Sector 81 land. “Emaar officials forged board resolutions of MGF subsidiary companies and executed general power of attorney (GPA) in its favour in respect of the land owned by the subsidiaries of MGF in Kherki Daula in Sector 81.

Cassock Properties Private Limited and Tushar Projects Private Limited are wholly owned subsidiaries of MGF Developers Limited.

While Cassock owns around 3.8 acres in Sector 81 and some more land in Kherki DaulaTushar Project Private Limited has approximately 2.7 acres in it.

Emaar India ssid that transactions undertaken by Emaar India Ltd were well within their contractual rights and pursuant to the Arbitral Tribunal order issued by ICC, London, in its favour on May 15 last year.

Emaar Properties, which entered India with the largest FDI in the reality sector in 2005, had invested about Rs 8,500 crore in the country through its joint venture,,’Emaar MGF Land.

In April 2016, the two companies decided to end this joint venture and the demerger was finally approved in July 2018.
Since then, both erstwhile partners have been engaged in legal disputes and accused each other of fraud in joint venture agreement and land deals.

A petition was also filed in NCLT in 2019, seeking an investigation. Both parties have filed FIR against each other.
The case against Emaar was registered at DLF 1 police station under sections 120B (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust in respect of property), 420 (cheating), 467 (forging document), 468 (forgery for purpose of cheating) and 471 (using forged document) of the IPC.

Dr Ajay Kummar Pandey
Advocate & Consultant
BestBrain Consultancy Grp.
4C Supreme Law International
editor.kumar@gmail.com, advocate@ajaykr.com
+91 98183 20572
www.drajaypandey.com
www.4csupremelawint.com
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