new delhi cashstrapped 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 ninemonth deferment of its rs 50crore 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 sundayetin 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 correctionwhile 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 50crore 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 apartments at commonwealth games village were originally priced at rs 12500 per sq ft and today they range between rs 12750 and rs 15000 per sq ft this means prices of flats in the project close to the akshardham temple in east delhi start at rs 17 crore mr ramachandran however said the government would not be able to pay the market pricetill january 31 the progress of the village is 40 against the targeted 41 so things are very much under control so far but work cant wait because of liquidity issues so flats have to be purchased but it will have to be a justified price in case dda buys those he added when contacted the emaar spokesperson confirmed the rescheduling of the sbi loan repayment without furnishing any details we had availed ourselves of a loan from sbi in 2007 we will begin servicing this loan from september 2009 the company spokesperson said the developer also confirmed that dda as a project partner was discussing the appropriate funding options