Emaar Pakistan, a subsidiary of Dubai-based construction company ‘Emaar Properties’ is in a clash with Pakistani investors who claim U.S $15m from Emaar for its delayed project in Karachi.
A multi-billion investment, the Crescent Bay community
was launched by Emaar in July 2008. Featuring residential and commercial
towers, the 108 acres development was supposed to be built and completed by
2013-2014 in collaboration with Defence Housing Authority. The project also
features mid and high-rise buildings for commercial and residential use and a
beachfront hotel. However, the construction wok on the project is yet to
commence.
Delay in the project caused investors to stop paying
instalments, which ultimately led Emaar to cancel the contracts with respective
investors. For preventing the cancellation of contracts, a Pakistani court
dispensed a stay order on bookings.
About 300 investors claim Emaar to refund the deposits of
U.S $15m, which Emaar refuted and said that that the project is stalled due to
financial downturn.
“Owing to the global financial crunch, we needed to
evaluate various related aspects and we had a discussion with the DHA to sort
out the issues. Now that we have grasped an agreement with DHA, the
construction work will be started shortly and all the customers’ contracts
would remain valid,” said an official of Emaar Properties.
Emaar Properties further explained that Crescent Bay is a
key project for the company and Emaar would work to reach to a point of
resolution.
“We have already handed over homes at our Canyon Views
project in Islamabad, which currently boasts as the full-fledged community and
it further endorses our commitment to project delivery,” said Emaar’s official.
This post originally appeared on Zameen.
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