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India to Buy $20 Milion of Emaar-MGF Flats-Paper - ASHARQ AL-AWSAT English Archive
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MUMBAI, (Reuters) – India’s government will buy up to 1 billion rupees ($20 million) worth of flats from real estate firm Emaar MGF Land, the Business Standard newspaper reported on Sunday, citing a senior ministry official.

Emaar MGF, a joint venture between Dubai’s Emaar Properties and India’s MGF Developments Ltd is developing the Commonwealth Games village project to be held in 2010 in New Delhi, and planned to use proceeds from selling these flats to finance the construction, the paper said.

M. Ramchandran, secretary at the Ministry of Urban Development, has asked the Delhi Development Authority to examine the possibility of allowing it to buy flats to provide liquidity support to the firm, the paper reported.

The amount is a third of what the real-estate firm initially sought, and a committee set up by the ministry is analysing the actual price of the flats, the paper said, citing Ramchandran.

An Emaar-MGF spokeswoman was not immediately available for comment.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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