Emaar India accuses MGF Developments of illegal transfer of land

Emaar has alleged that MGF's promoter Shravan Gupta and other associates are attempting to sell the land, valued over Rs 500 crore

Arnab Dutta New Delhi
Emaar India

Emaar has alleged that when it took management control of the JV entity Emaar India, it found several unauthorised related party transactions that took place before 2016.

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. 

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First Published: Jan 23 2021 | 1:42 AM IST

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