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« Struggling Builders Plan to sell off their non-core land holdings | Home | Real Estate Sees Slow Recovery, Prices Pick Up »

DDA Decides to buy 333 Units for Rs 700 cr in C’wealth Games Village

Bailing out real estate firm Emmar MGF, the Delhi Development Authority has decided to invest over Rs 700 crores in the Commonwealth Games Village by purchasing 333 units in the 1168 apartment project. The DDA&aposs decision comes following requests by Emaar MGF, a joint venture between Dubai-based property giant Emaar and Delhi-based MGF, for financial assistance. “We have decided to buy 333 flats from the Emmar MGF for Rs 700 crore,”DDA spokesperson Neemo Dhar told PTI.

The real estate firm had said that it would not be able to complete the project unless government offers financial help to it. The DDA official said the payment to the real estate firm would be linked to the stages of construction and it will not be a one-time payment. The real estate company welcomed the DDA decision, saying it will effectively ensure the completion of the prestigious project.

News Published Under:   Delhi, Real Estate India | No Comments »

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