Emaar Scam Exceeds Rs. 4,000 Crore Loss to AP

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The Andhra Pradesh High Court ordered a CBI inquiry to probe the land allotments made to Emaar Properties and the related controversial land dealings. It revealed certain fault dealings with the state government and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in failing to protect the public property and the public exchequer from losses.

About 258 acres of land was allotted by the then state government at Manikonda with a proposal to develop an integrated township, golf course and convection center. The main dispute arose when the Emaar Properties had deviated from the collaboration agreement with the roping of a co-developer Emaar MGF into the dealing with full development and marketing rights. In addition, this was processed without the approval of the APIIC. The collaboration had reduced the corporation’s 26 percent stake leading to a loss to the public exchequer.

Also, it was shown by the Emaar MGF that it had sold 100 villa plots for Rs.5,000 per square yard. However, they were actually sold for Rs.45,000 per square yard. It was found from the Vigilance and Enforcement probe that the Emaar scam led to the loss of more than Rs.4,000 crore to the APIIC in the sale of villas, plots and apartments at the Emaar Township at Manikonda.

Source: DC

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