Emaar MGF denies links with Rahul Gandhi aide

“We would further like to state that Shri Kanishka Singh has no direct or indirect business interest,including as a shareholder and/or promoter in Emaar MGF or Commonwealth Games Residential Village,” the company said in a statement.

Emaar MGF was reacting to Gadkari’s comments made in Mumbai earlier in the day that MGF,which tied up with Dubai-based Emaar had benefited because of its links with Kanishka Singh.

“Owner of MGF,the late Ved Prakash Gupta is Kanishka’s grandfather and his father,the late S K Singh was one of the promoters and shareholders at whose instance the DDA paid a bailout package for the international zone.

Invoking Emaar-MGF’s bank guarantee for not fulfilling the responsibility is only an eye-wash to absolve Kanishka Singh and his family,” Gadkari had alleged.

The company also said it invested about Rs 1,700 crore in developing the project and that it was bagged through a transparent bidding process.

“The sale of 333 apartments to DDA in May,2009 was done at the rate of Rs 11,000 per sq ft against the then prevailing rate of Rs 13,500 per sq ft for a total consideration of Rs 767 crore,” it said regarding the bail-out package.

“The current market value of the apartments is Rs 18,000 per sq ft. In view of the above,the expected net profit from the said project for DDA would be in excess of Rs 2,500 crore,” it added.