CAsh -strapped realty major Emaar MGF may turn out to be the first major beneficiary of a government package in the real estate sector,
thanks to its partnership with Delhi Development Authority (DDA) for the 2010 Commonwealth Games village project in east Delhi. The government had already facilitated a nine-month deferment of its Rs 50-crore instalment to State Bank of India (SBI), and has now further asked DDA to prepare a report on buying out flats at a negotiated price, a government official told SundayET. In fact, Emaar MGF could turn out to be the lone beneficiary in a downturn where all major real estate companies, including DLF and Unitech, are affected and witnessing a sharp erosion of their bottomlines. The government has so far refused to give any concession to the real estate sector and is asking for a price correction. While talking to SundayET, urban development secretary M Ramanchandran said he had asked DDA to prepare a report on the issue and suggest possible solutions. “Emaar MGF has already got nine months extra to repay its Rs 50-crore instalment to SBI. We are assessing the situation. If the need arises DDA would either give them a loan or buy flats at a negotiated price. Also, PSUs may buy in bulk,” he said.