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Emaar-MGF Emerges Sole Bidder for C’Wealth Games Project
Tuesday, June 19, 2007

The prestigious Commonwealth Games Village project is likely to come Emaar-MGF’s way, with DLF also out of the reckoning, having fallen short on specifications laid down by the Delhi Development Authority. The formal announcement is likely to be made in a day or two, sources in the DDA said.

DLF and Emaar-MGF were the lone bidders for the project after the DDA made changes in the terms of the contract, and DDA cut down its own share in the residential projects by a third. In case Emaar-MGF’s bid is rejected, there is a probability of DDA reviewing the clauses in the contract to invite fresh bids.

If however, the Emaar-MGF technical bid is approved, the group would be permitted to make a financial proposal as well, which as per DDA norms, must be equivalent to the reserve price. 25% of the offer would have to be paid up by June 25, says the DDA Emaar-MGF is simultaneously working on its USD 1.1 billion IPO by offloading 15-20% of its equity.

Meanwhile, the bids received for the Signature Bridge project on the Yamuna, a part of the Commonwealth Games development plan, far outstripped the DDA’s budget of Rs.450 crore.

The lowest bid of Rs.850 crore was accepted reluctantly, and later referred to the Delhi Metro for a check on the cost.

Not satisfied with the Delhi Metro’s approval of the valuation, the DDA has gone ahead with a second scrutiny by referring the case to the Central Vigilance Committee.

Related Reading

Emaar-MGF announces Project Portfolio
Emaar-MGF’s Mohali Project Takes Off
Emaar-MGF tie-up with Premier Inn for Budget Hotels


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