DDA To Buy 333 Units In Commonwealth Games Village

Published: May 19, 2009 at 9:40 AM | Author: Administrator
News Source: 12 May 2009 - Indian Realty News

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In order to bailout real estate firm Emaar MGF, the Delhi Development Authority (DDA) has decided to invest over Rs 700 crores in the Commonwealth Games Village by purchasing 333 units in the 1168 apartments project. The decision comes following requests by Emaar MGF for financial assistance. The company said that it would not be able to complete the project unless government offers financial aid to it. The DDA official said the payment to the real estate firm would be linked to the stages of construction and it will not be a one-time payment. The real estate company Emaar MGF agreed to the DDA decision and said it will effectively ensure the completion of the prestigious project.