In New Delhi, Delhi-based developer Emaar MGF is selling five acres in its 104-acre Emerald Hills Township in Gurgaon real estate to worldwide property builder Tishman Speyer for $50 million (Rs 220 crore). Tishman is more famous for its iconic Rockefeller Center construction in Manhattan.The 5-acre plot previously has all approvals necessary for a 600,000 sq ft commercial office construction. The deal is in its last stages of ending, remarked a person aware of the development. In reply to an email inquiry, Emaar MGF remarked, “No comments.”Emaar MGF has tried to lift up money from the marketplace and has filed for an IPO thrice previously in 2008, 2009 and in 2010. In 2008, it withdrew the IPO on account of poor response and its third effort in September 2010 has not got a SEBI nod yet, chiefly owing to its involvement in supposed irregularities in raising the Commonwealth Games Village, which has arrive under the scanner.
In spite of its current troubles, Emaar-MGF has handled to scale down its debt from Rs 6,000 crore a year and a half back to Rs 4,500 crore nowadays. Sources, who did not desire to be named, uttered that the company has been trying to lift money by selling small earth parcels and Properties to finance its projects plus reduce debt.