{"id":2216,"date":"2013-04-22T17:25:44","date_gmt":"2013-04-22T17:25:44","guid":{"rendered":"http:\/\/www.zameen.com\/blog\/pakistani-investors-claim-15m-from-emaar-properties.html"},"modified":"2017-12-11T12:44:39","modified_gmt":"2017-12-11T07:44:39","slug":"pakistani-investors-claim-15m-from-emaar-properties","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistani-investors-claim-15m-from-emaar-properties.html","title":{"rendered":"Pakistani Investors Claim $15m From Emaar Properties"},"content":{"rendered":"<p>Emaar Pakistan, a subsidiary of Dubai-based construction company \u2018Emaar Properties\u2019 is in a clash with Pakistani investors who claim U.S $15m from Emaar for its delayed project in Karachi.<\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>\u201cOwing 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\u2019 contracts would remain valid,\u201d said an official of Emaar Properties. <\/p>\n<p>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.  <\/p>\n<p>\u201cWe 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,\u201d said Emaar\u2019s official. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emaar Pakistan, a subsidiary of Dubai-based construction company <\/p>\n","protected":false},"author":1,"featured_media":2217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"persona":[],"class_list":["post-2216","post","type-post","status-publish","format-standard","has-post-thumbnail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistani Investors Claim $15m From Emaar Properties - Zameen News<\/title>\n<meta name=\"description\" content=\"Emaar Pakistan, a subsidiary of Dubai-based construction company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pakistani-investors-claim-15m-from-emaar-properties.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistani Investors Claim $15m From Emaar Properties - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Emaar Pakistan, a subsidiary of Dubai-based construction company\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistani-investors-claim-15m-from-emaar-properties.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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