Emaar MGF in Coversation with US Realtor to Sell its Flats

This is first real estate huge deal in the NCR, New Delhi based realty major Emaar MGF is in an advanced stage of selling its under-construction 550 flat residential complex Palm Drive which in Gurgaon for Rs 1,000-1,200 crore to New York-based realtor Tishman Speyer. For the stressed Emaar MGF, a joint-venture between Dubai-based Emaar and Shravan Gupta led MGF Land Ltd, this is a fire sale, as the organisation is incompetent to sell the flats by itself due to the current slump in the housing market and dreadfully needs money to retire part of its Rs 4,689 crore debt and perk up its cash flows.

“Conversation with Tishman Speyer are in intial stages and it’s a good move for us if we attain the optimum value of the flats. But nothing certain has materialised as yet”,said Emaar MGF CFO and executive president Sanjeev Saddy. Tishman disagreed to comment on the development. The American realtor presentaly manages the iconic Rockefeller Center building in Manhattan. Tishman currently has 03 properties in India, 01 is in Chennai and the other two in Hyderabad. The deal, if it goes through, can provide Emaar MGF some liberate, as it can look to retire a third of its debt.

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