Guys, I want to know how many of us have invested in Emmar MGF Emerald Floor/Emerald Premier Floor on the Golf Course Extension Road both for investment or end use. We can share latest news, important updates, latest prices, etc. I have a unit EPF -II- 36-501, I bought it at the price of 4365 psf.

Keen to know about the others in this forum.

Cheers!!!
Varun
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  • There is an existing thread on Emmar MGF Emerald Floors.

    Please search , before posting a new thread .
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  • Emerald floor

    Thats on a different note.
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  • Hey varun, Just to let you know in case you are not aware of yahoo group
    EmeraldHills_Gurgaon where you can also get in touch with most of investors in this project.

    Originally Posted by varundev11
    Thats on a different note.
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  • Be Aware of Emaar

    See complaints

    EMAAR MGF LAND LIMITED - ESPLANADE CHENNAI

    CHANGING THE MASTER PLAN WITHOUT INFORMING THE BUYERS
    The builder who came up with a project called "ESPLANADE" in Tondiarpet, Chennai, India originally promised to build 536 flats of premium class in 24 towers of four floors each spread over an area of approximate 14 acres. Approximate cost of each flat was around 58 to 65 lacs. The original CMDA (plan) approval was also for the above said flats and towers. During the month of January 2010 they came out with an advertisement about "THE AVENUES" by which they plan to modify the original master plan of ESPLANADE and construct more than 536 flats by increasing the floors from four to seven and also earmarking another around 2 acres for future development. This modification will result in number of flats being increased to around 750 if the future development area is also constructed for dwelling units. More over the builder has least bothered to communicate to the existing customers about the modification who have invested their hard earned money on the belief that the builder will deliver as per the promise.
    I now request the consumer redressal committee to stop them from proceeding with the modifications to their original master plan and also issue instructions to the CMDA not to accord permission to modify the original master plan.
    http://www.consumercomplaints.in/complaints/emaar-mgf-land-limited--esplanade-chennai-c374498.html
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  • This is real wrong on part of Emaar, but i have searched the net & i could find only one said complaint . What about the rest of the allottes ?



    Originally Posted by Agastya07
    See complaints

    EMAAR MGF LAND LIMITED - ESPLANADE CHENNAI

    CHANGING THE MASTER PLAN WITHOUT INFORMING THE BUYERS
    The builder who came up with a project called "ESPLANADE" in Tondiarpet, Chennai, India originally promised to build 536 flats of premium class in 24 towers of four floors each spread over an area of approximate 14 acres. Approximate cost of each flat was around 58 to 65 lacs. The original CMDA (plan) approval was also for the above said flats and towers. During the month of January 2010 they came out with an advertisement about "THE AVENUES" by which they plan to modify the original master plan of ESPLANADE and construct more than 536 flats by increasing the floors from four to seven and also earmarking another around 2 acres for future development. This modification will result in number of flats being increased to around 750 if the future development area is also constructed for dwelling units. More over the builder has least bothered to communicate to the existing customers about the modification who have invested their hard earned money on the belief that the builder will deliver as per the promise.
    I now request the consumer redressal committee to stop them from proceeding with the modifications to their original master plan and also issue instructions to the CMDA not to accord permission to modify the original master plan.
    http://www.consumercomplaints.in/complaints/emaar-mgf-land-limited--esplanade-chennai-c374498.html
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  • Not a Good time for Emaar in India

    Indian Real Estate Companies have the worst reputation amongst the different sectors in India.Corruption,Irregularities,Creative Accounting,Defrauding Consumers,Tax Raids are common to these companies.In fact the financial statements of the Realty Sector are considered so untrustworthy that some Fund Mangers are loath to invest in the whole sector.Despite a Stock Market Bull Run,a line of Realty Companies have not still managed to raise money from the primary markets because of the distrust with which the general public regards them.A Truly Dubious Achievement for the Real Estate Sector in India.Note both small developers and big developers have been involved in scams and shenanigans.2 Real Estate Companies in the National Capital Region Oreo and Emaar MGF,two of the better known Realty Companies have come under the focus of Indian Investigative agencies.Emaar MGF has been trying to do an IPO for a long time without success.Now it has come under the scanner for irregularities for construction of the Commonwealth Games Village.
    The Company has to be bailed out by the government as it ran out of funds and now due to irregularities ,the company’s Rs 183 bank guarantee has been seized.Not a Real Estate Company you would want to invest in.Oberoi Realty and Prestige Estates have managed to raise money from the IPO market recently.Emaar MGF which is promoted by the UAE giant Emaar would have been hoping to do a similar act.However this recent scam might prove its undoing once again.
    Emaar under corruption cloud in Andhra too – India Today

    Infrastructure developer Emaar-MGF – in the dock for alleged irregularities in the construction of the Commonwealth Games Village in Delhi – is feeling the heat in Andhra Pradesh, too.The state government is under tremendous pressure from almost all political parties, including a section of the ruling Congress, to blacklist the company for an alleged scam in developing 535 acres of prime land on the outskirts of Hyderabad.
    Emaar suffered a further setback when the Andhra Pradesh High Court on Wednesday dismissed its plea to suspend the inquiry by anti-corruption bureau into the land allotment made by the APIIC to the company.
    Of this land, 285 acres was sold at a rate of `29 lakh per acre and the remaining was given on lease for a period of 66 years at a nominal rate of 2 per cent of the total revenue made out of the golf course. The original agreement gave the APIIC a 49 per cent stake in the leased land.But subsequently, it was diluted to 26 per cent and later to a meagre 6.5 per cent because of the alleged officialdeveloper collusion. Subsequently, Emaar Properties contracted the entire project to its subsidiary Emaar-MGF. Changes were made in the original agreement to allot 95 per cent revenues to Emaar-MGF.

    http://greenworldinvestor.com/2010/10/22/surprise-surprise-indian-real-estate-company-emaar-mgf-implicated-in-the-massive-commonwealth-scam/
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  • Vigilance raid on Emaar-MGF

    HYDERABAD: Three premises of Emaar-MGF and the offices of Raheja Mindspace in the city were raided on Monday by sleuths of the state Vigilance and Enforcement (V&E) department who seized discs containing details of land allotment. The raids were on till late on Tuesday evening and are expected to continue on Wednesday.

    The two companies have come under the scanner for alleged irregularities in its allotment of land which they came to possess following joint ventures with the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). APIIC officials have been accused of joining hands with the two firms to defraud the government of its genuine share in the deal. In Tuesday's raid, one key objective of V&E sleuths was to look for documents that may hint at the culpability of APIIC officials. According to allegations, acts of omission or commission of APIIC officials led to a revenue loss of over Rs 4,000 crore to the state government.

    V&E sleuths also quizzed two top executives - B Ravindranath of Raheja Mindpsace and Vijay Raghavan of Emaar-MGF - on Tuesday. The premises of Emaar-MGF which were searched include those in Nanakramguda, Boulder Hills and Kondapur.

    Controversies have plagued Emaar-MGF - a joint venture of Dubai-based Emaar Properties and MGF - for a while. It landed in trouble during the recently concluded Commonwealth Games in New Delhi too for the alleged shoddy job at the Games Village that it had constructed. It eventually led to the central government confiscating the Rs 183 crore performance bank guarantee furnished by Emaar MGF while ordering legal action against the firm for recovery of other expenditure for deficiencies and delays in construction of the Games Village.

    Emaar-MGF was also slammed in various investigation reports of the APIIC whose management is now under a new set of officials. The reports had suggested that the matter be handed over to the Central Bureau of Investigations (CBI). However, the state government has chosen to renegotiate with Emaar-MGF to make the latter cough up the state's share of the revenue. But MGF managers have been unwilling to concende nuch.

    A city court had also ordered the Anti-Corrpution Bureau (ACB) to probe the APIIC land deal following a complain. Though the ACB is not known to have made any progress, the V&E department, following the same complaint, conducted the raids.

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  • Emaar seems to be facing the heat from many fronts ( including the IREF ). :D :bab (58):
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  • Emaar and its subsidiaries had a debt of Rs 5,499 crore at the end of fiscal 2010 on a net worth of Rs 4,805 crore

    Mumbai/Bangalore: Emaar MGF Land Ltd, the real estate company which built the athletes’ village for the Commonwealth Games, has filed a prospectus for the fourth time in four years to raise money from the equity markets. The company wants to raise some Rs. 1,600 crore to repay and prepay loans, pay for development charges, and redeem preference shares.

    Many of the problems that bedevilled its fund-raising efforts in three aborted attempts so far find their way into the latest draft document too, which Emaar MGF filed on 4 October.
    Emaar and its subsidiaries had a debt of Rs. 5,499 crore at the end of fiscal 2010 on a net worth of Rs. 4,805 crore. But it has to pay back Rs. 4,000 crore of debt this fiscal, some which it had to restructure earlier in the year.
    For fiscal 2010, the company made interest payments of Rs. 666.3 crore, according to its cash flow statement. This is more than its operating profit (before interest, taxes, depreciation and amortization) of Rs. 405.4 crore for the same year. While Emaar turned profitable in fiscal 2010 because it could book more revenue as projects neared completion, its outstanding debt is a burden on its finances.
    The initial public offering (IPO) will only help partially solve the problem, say analysts. Of the Rs. 1,600 crore it wants to raise, the firm has earmarked Rs. 83.6 crore for development charges and Rs. 614 crore for part-paying loans taken from UTI Mutual Fund, Royal Bank of Scotland NV (RBS) and Housing Development Finance Corp. Ltd, among others. Another Rs. 626 crore will go towards paying for the redeemable preference shares (RPS) to Horizon India BV.
    That amounts to some Rs. 1,323 crore (the rest being kept for other corporate expenses) and still leaves Emaar MGF with a large debt to pay this year.
    “We would like to clarify the amount Rs. 4,161 crore includes certain revolving facilities of Rs. 622 crore, which as a matter of routine get rolled over based on operational requirements,” the firm’s spokesperson said.
    The company has so far “paid debt aggregating to Rs. 457 crore till 30 September 2010 and further FCDs (fully convertible debentures) aggregating to Rs. 629 crore have been converted into RPS and maturity of the same extended by six years,” she added in an emailed response.
    “We are not sure how comfortable Emaar would be if at all they manage to raise the IPO money, because not many of their projects are generating liquidity and their debt obligations would still remain high,” said an analyst at a Mumbai-based brokerage who didn’t want to be named.
    The Rs. 1,600 crore which Emaar wants to raise is the smallest of its IPO efforts so far. The first time, it filed a prospectus in February 2007 to propose an issue of approximately 117 million equity shares to raise about Rs. 4,000 crore, but that didn’t take off. Then, in February 2008, it came up with a revised offer to raise some Rs. 7,000 crore. But despite lowering the price band by 15% and extending the offer by five days, the company had to call off that issue due to poor investor response.
    The third attempt was in 2009, when Emaar wanted to raise some Rs. 3,000 crore at a time when a lot of realty firms had raised money from the capital markets. Despite getting Securities and Exchange Board of India approval, Emaar did not go ahead with the issue and waited—as did many other realty firms.
    These repeated failures have hurt Emaar.
    In August, Citi Venture Capital International (CVCI), the private equity (PE) arm of Citigroup Inc., exited Emaar MGF by selling its 1% stake back to the promoters. The PE firm and the promoters had a put option whereby the latter would buy back CVCI’s stake by 30 June 2010, if Emaar had not floated an IPO by then. CVC had invested Rs. 228 crore in November 2006, it sold to the promoters in August for around Rs. 277 crore.
    “Emaar has substantial debt, which is not getting serviced due to little cash generation. Though their Gurgaon project is selling, there are delivery and execution concerns that remain,” said Amit Goenka, national director (capital transactions) at Knight Frank India Pvt. Ltd, a property advisory.
    The company, which is owned by Dubai-based Emaar Properties PJSC and its associates, and the Guptas of the MGF Group, has only completed one project so far—the Commonwealth Games village in New Delhi. It is working on 38 other projects, the spokesperson said.
    But the going may not be easy. About 60% of Emaar’s 11,365-acre land
    reserves is classified as agricultural land. The firm is mum about conversion costs for this land in the prospectus. Also, about 16% of Emaar’s land reserves are under litigation. The company refused to divulge the value of these disputed parcels of land.
    “Just like any other larger real estate firm, Emaar too has acquired massive tracts of land under a fleet of subsidiaries,” said an analyst at another Mumbai-based brokerage, who didn’t want to be identified because he isn’t authorized to speak to the media. “There are two concerns over Emaar’s land, though. The first is to estimate the cost of conversion of the land from agricultural to commercial use, but the more serious concern is if all of the land is eligible for conversion at all.”
    “Conversion of land for intended use is a continuous process based on our development schedule plan. Costs vary from state to state and is part of our overall project development costs,” Emaar’s spokesperson said. “All details with respect to litigation by or against the company/subsidiaries forms part of the DRHP (draft red herring prospectus).”
    But the prospectus addresses this query in an obscure manner.
    “Loans and Advances include Rs. 65,902.13 million as at March 31, 2010....paid to certain parties (including the subsidiaries) for acquiring land/land development rights for development of real estate projects, either on collaboration basis or self –development basis, including in some cases, for land under litigation for which necessary legal proceedings are on,” the prospectus said.
    If all this Rs. 6,590 crore was earmarked for land under litigation, then the disputed land is worth 90% of the Rs. 7,310 crore Emaar paid for its land reserves.
    Yet, another concern is that the company had given preferential treatment to its Dubai-based parent Emaar Properties, by guaranteeing a 10% return on two projects where the latter has invested some $50 million (Rs. 222 crore today) each. Emaar Holding II, had invested a sum of $50 million each in Shrestha Conbuild and Smridhi Technobuild, two projects of the local company.
    However, the guaranteed return has been discontinued since these investments were converted into equity shares in March 2009, the company spokesperson said.
    The bankers to the issue are Kotak Mahindra Capital Co. Ltd, Deutsche Equities India Pvt. Ltd, UBS Securities India Pvt. Ltd, Credit Suisse Securities (India) Pvt. Ltd, HSBC Securities and Capital Markets (India) Pvt. Ltd, ICICI Securities Ltd and RBS Equities (India) Ltd.
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  • Originally Posted by MANOJa
    Emaar seems to be facing the heat from many fronts ( including the IREF ). :D :bab (58):

    Yes MANOJA you are right, Emaar is facing the heat.
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  • Lets wait for clarifications from Emaar & the see the final outcome of the allegations , before pronouncing Emaar guilty .


    Originally Posted by Agastya07
    Yes MANOJA you are right, Emaar is facing the heat.



    Emaar Properties on Monday said its Indian joint venture, Emaar MGF, would take all possible action to protect the entity’s interests amid allegations of irregularities in development of the Commonwealth Games Village.
    Emaar, which is present in India through a partnership with the MGF Group, said in a filing to the Dubai bourse that the confiscation of the Rs1.83 billion bank guarantee furnished by the joint venture to the Delhi Development Authority, or DDA, would “not affect it directly”.

    On Monday, Emaar-MGF moved the Delhi High Court against the DDA move, reports from New Delhi said. Asking the DDA to respond to the Emaar-MGF’s petition by November 11, the high court said that if the guarantee has not been encashed by the authority a status quo has to be maintained.

    Emaar’s statement on Dubai bourse website said the joint venture would “take all possible action required to protect the company’s interests”.

    “The encashment of the guarantee has no direct impact on Emaar, as the guarantee has been issued through the facilities available to the company in India.”

    Emaar MGF had provided adequate documentation in respect of regular updates to DDA, including the fact that the authority’s contractors were causing damage and were not being supervised, the filing added.

    Last week, the Indian government had ordered confiscation of the performance bank guarantee furnished by Emaar MGF and initiation of legal action against the firm for recovery of other expenditure over “deficiencies” and “delays” in construction of the CWG Village.

    Emaar MGF had dismissed all charges against it, saying all quality standards were met. The developer said the Village was built to the “highest standards of quality and design” and all the pertinent milestones were achieved as per the scope of work.

    The company also said all deficiencies pointed out by the DDA or any other agency were duly rectified by it.

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  • I know many of good friends here on IREF have invested in Emaar and my sincere best swishes are with them.

    Downsizing and failure of Emaar's IPO multiple times was a big sign of its health.

    Our RE is not at all a Regulaized sector but SEBI is much much regulairzed and has very stringent rules.
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  • Originally Posted by MANOJa
    Lets wait for clarifications from Emaar & the see the final outcome of the allegations , before pronouncing Emaar guilty .

    I am just trying to share the info. on this forum. But I can see that in recent times Emaar is in news for wrong reasons only (From Jharkhand - Delhi to Hyderabad).This is my personal opinion.

    I am just trying to share the info. on this forum. But I can see that in recent times Emaar is in news for wrong reasons only (From Jharkhand - Delhi to Hyderabad).This is my personal opinion.
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  • Originally Posted by tarung
    I know many of good friends here on IREF have invested in Emaar and my sincere best swishes are with them.

    Downsizing and failure of Emaar's IPO multiple times was a big sign of its health.

    Our RE is not at all a Regulaized sector but SEBI is much much regulairzed and has very stringent rules.


    I fully agree with you. Let us hope that they should not fall in league of ENRON and Satyam.
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  • Dont make a comparison with Enron and Satyam...some members may have a heart attack :)
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