Relief and jubilation prevailed in the Emaar-MGF camp as the 2010 Commonwealth Games village project finally came its way early this week, with the last of the contentious issues with the Delhi Development Authority finally being resolved.
The DDA accepted Emaar-MGF’s bid of Rs.321 crore against a reserve price of Rs.300 crore after rejecting the applications of 14 developers who applied for the prestigious project. The DDA has set a deadline of December 31, 2009 for the village complex, which entails the construction of 8000 units.
Emaar-MGF had expressed concerns over DDA’s delay in communicating its approval last week, worried that the project may not be executed on time.
One of the issues dogging the tender was the restriction on the height of the Games village, which has been fixed at 43 metres.
The authorities are anxious to safeguard the view of the Akshardham Temple
in the vicinity. Environmentalists too have raised the issue of the village
complex disturbing the riverbed of the Yamuna.
The parent company in Dubai, Emaar Properties, expects to generate 25%
of its total revenue from its Indian arm by 2010.
In its short tenure in
India, Emaar-MGF has matched the land bank of established real estate
majors Unitech and DLF, with a total of 10,000 acres ready for development
over the next 4-5 years in all verticals of the realty market.
The company
has also drawn up plans for education and health care projects.
Of the USD12 billion outlay for Indian real estate projects, USD 5 billion
has been reserved for residential projects alone.
