As I suspected, Emaar Boulder Hills is a stinker. I had written about Emaar and the various issues in my first post in March -> http://hyderabadrealtyradar.blogspot.com/2010/03/whats-deal-with-emaar-mgf-boulder-hills.html
Emaar Boulder Hills is turning out to be a big scam. The state government is claiming that Emaar defrauded them by taking away the entire share from the government. Essentially, the government did not make a penny from the land that was given to Emaar. This could not have been done without the connivance of politicians who have most of the villas in Emaar. The entire project is in jeopardy. People who ended up buying the apartments will be the ones affected without any recourse. Read related reports here:
http://timesofindia.indiatimes.com/city/hyderabad/Next-board-meet-to-take-final-decision-on-Emaar-properties-misdoing/articleshow/6295608.cms
http://timesofindia.indiatimes.com/city/hyderabad/APIIC-loses-prime-land-in-blind-deal/articleshow/6290374.cms
http://www.deccanchronicle.com/hyderabad/congress-mlas-demand-emaar-probe1-821
Emaar issue snowballing into a major controversy
Wakf Board says APIIC-Emaar deal void
As good as Emaar Boulder Hills may sound, with their reduced pricing and all, stay away from it until all these issues are resolved. Seems to me that Emaar will sell the apartments and get out of this project. They have reduced the scale to cut down their losses.
Wednesday, August 11, 2010
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Very good prediction of Emaar scam. Ashamed to be a Hyderabadi. Crores of rupees have been lost by the Govt in real estate scandals.
ReplyDeleteEven the money made by AP Govt in real estate boom were spent on very populist schemes of YSR.
They could have done so much for the state in the real estate boom. This brings forth - Who were the loosers?
Well I think, Software Engineers like me in US who bought properties working our ass off in the US. We should think about spending/doing good-to-our-country instead of buying real estate in India..