June 2022 \ Business & Investment \ BUSINESS NEWS—REAL ESTATE
HC stays Emaar India projects

The Punjab and Haryana High Court has stayed two projects of Emaar India Ltd, coming up under a joint development agreement with Pyramid Infratech and Global Heights in Gurugram

NEW DELHI: The Punjab and Haryana High Court has stayed two projects of Emaar India Ltd, coming up under a joint development agreement with Pyramid Infratech and Global Heights in Gurugram.

These land parcels aggregate to 11.45 acres, spread over 3.84 acres in Sector 81 and another 7.1 acres in Sector 85, Gurugram. Haryana’s Department of Town and Country Planning (DTCP) had granted licenses to the developers. Pyramid Infratech Ltd has already launched an affordable housing project ‘Nest’ in Sector 85.

MGF Group’s holding companies had approached the High Court contending that the licences have been granted on the basis of illegal board minutes and with involvement of few Emaar India employees who were not authorized to do so. These land-owning companies belonged to MGF Developments Ltd.

Upon hearing the petitions of land-owning companies and MGF Developments Ltd., the High Court, while issuing notice to the developers concerned as well as Emaar India Ltd, has restrained the developers from selling or otherwise creating third parties’ rights in the projects in Sector 81 and in Sector 85 which are being developed in collaboration with Emaar India Ltd.

The contention of MGF Development Ltd before the court was that licenses have illegally been procured in respect of the said projects in the name of the companies which are its wholly-owned subsidiaries. A FIR in this regard against Emaar India Ltd and its officials is also pending investigation by EOW, Gurugram.

Petitioners (land-holding companies) have categorically submitted that they are neither responsible under the license and also have never agreed to undertake any responsibilities for constructing or causing to construct a real estate project.




Tags: Emaar India

Comments.