Emaar India, the local subsidiary of the Dubai-based real estate major, has accused its erstwhile partner MGF Developments of fraud and illegal transfer of a land parcel in Delhi.
Emaar has alleged that MGF’s promoter Shravan Gupta and other associates are attempting to sell the land, valued over Rs 500 crore. According to it, the 4.88-acre land parcel, located in Okhla, was part of illegal transfers of properties that took place during its joint venture with MGF between 2005 and 2016.
“We were informed by credible sources that MGF was likely to deal with the Okhla land parcel. We wanted to caution the public against dealing with MGF Group, SSP Buildcon, Shravan Gupta, Shilpa Gupta, or any of their associates or related entities and persons. The notice pertains specifically to a land parcel of approximately 4.88 acres in Okhla, Mathura Road, New Delhi.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.