Emaar MGF stated that the real estate sector at large facing delayed deliveries and buyers protesting against various builders.
The company was also in news due to some of its delayed projects and JV Split. With reference to the recent media reports regarding reorganization of the business of Emaar MGF Land Limited ("Company"), bring to your kind notice that to ensure focussed leadership and development of the on-going projects, the Company has initiated the process of demerger of the Company pursuant to a Scheme of Arrangement under Section 391-394 of the Companies Act, 1956 and has also filed such Scheme with the Hon'ble High Court of Delhi.
However after the official demerger of Emaar and MGF, The Emaar Properties ensure the management will be working closely with the contractors to provide all possible assistance and resources to facilitate the project completion. The company will be providing the target Completion schedules for Projects and will also keep the buyers and the stakeholders updated about the progress regularly.