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Bailout for Realty Firm 15/02/2009
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.

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 bottom lines. The government has so far refused to give any concession to the real estate sector and is asking for a price correction.
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