Sonia Raj, Scandal Raj

via BJP Press Release published on November 17, 2010

Who are the real beneficiaries of CWG Emaar MGF Scam? In the name of default in executing CWG village contract, Emaar had been gifted Rs.2,100 crores by Govt. of India/DDA. What is the real reason behind this, questioned BJP.

Is it true that a high level executive in the Secretariat of Congress General Secretary is related to Emaar MGF Group?

After going through the papers, documents and the Agreement between Emaar MGF and DDA/GOI, it is crystal clear that, without any logic or any supporting, Govt. had gifted Rs.2,100 crores worth property to Emaar MGF. BJP demanded CBI investigation and criminal action against all the officials and political leaders who manipulated such horrible bail-out package to Emaar.

BJP today produced a copy of the Agreement between GOI/DDA and Emaar MGF.

It may be noted that DDA allotted construction work contract of 2091 lac sq.ft. Emaar in Sept. 2007. Emaar MGF was supposed to hand over 697 lac sq.ft. constructed area flats to DDA. Emaar MGF passed on construction contract to Ahluwalia Construction.

The cost of construction any where in India including Delhi or Mumbai is around Rs.1,500 per sq.ft, at the most, it can go up to Rs.2,000 per sq.ft. including “kick back”.

In the revised bail-out agreement entered in May 2009, Govt. of India/DDA has agreed to pay Rs.767 crores in cash and also 697 lac sq.ft. readymade/constructed area to Emaar. The market value of Emaar’s 6.97 lac sq.ft. area @ Rs.25,000/sq.ft. is Rs.1,750 crores, i.e. Emaar is earning Rs.1,750 crores + Rs.767 crores cash payment received from DDA – total Rs.2,517 crores.

It is shocking that the total cost of construction work of all these 4,000 bedrooms was coming to less than Rs.400 crores. Then also this Rs.2,100 crore bonanza. BJP charged that this abnormal, hefty package was given to Emaar just due to the Owner Gupta family member is an executive in Congress high profile Gen.Secretary’s Secretariat.

                                                                              CWG SCAM OF RS.2,100 CRORE GIFT

EMAAR MGF CONTRACT WITH GOI/DDA – CWG VILLAGE

•    Total construction  20,91,525 sq.ft.  
•      Total construction cost @ Rs,2000/sq.ft. (maximum) Rs.400 crores 
•      Constructed area/flat available for sale to   
  •     DDA           13.44 lac sq.ft. 
  •     Emaar MGF   6.97 lac sq.ft. 
•      DDA’s contribution/payment to Emaar MGF –   
  •     Cash paid      Rs.766.89 crores 
  •      Gift of constructed area/flat  6.97 lac sq.ft. 
•      Sale price/market value of constructed area/   
  Flat (Emaar’s share) – 6.97 lac sq.ft. @   
  Rs.25,000/sq.ft.  Rs.1,750 crores 
•      Net gift/benefit from Govt. of India/DDA to Emaar MGF –  
  Sale price/market value of constructed Flats  Rs.1,750 crores 
  Less: Total construction cost        Rs.   400 crores 
    Rs.1,350 crores 
  Add: Cash payment by DDA         Rs.   767 crores 
  Net benefit to Emaar MGF   
Rs.2,117 crores

                       

Welcome to Haindava Keralam! Register for Free or Login as a privileged HK member to enjoy auto-approval of your comments and to receive periodic updates.

Leave a Reply

Your email address will not be published.

 characters available

Responses

Latest Articles from Bharath Focus

Did You Know?