Timely Payment with Timely Allocation of Land, Says Parsvnath

March 26, 2007	(1 votes, average: 4 out of 5)  Loading ...
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Parsvnath Developers, one of the leading real estate development companies in India, is to be considering the issue of payment of a whopping Rs 100 crore to the Chandigarh Housing Board (CHB) after the controversial issue of less allocation of land to them for the development of a residential project at the IT Park. This may put execution of the project on hold.

CHB officials would provide some alternate land plots to property developers. The issue is under the consideration of the board. However, the developer cannot delay the payment of installment, says a senior CHB official.

Parsvnath Developers require paying a total amount of Rs. 821 crore to the CHB. The amount has been divided into six installments. The next payment of Rs 100 crore is to be paid by April 6, 2007.

Other issues related to allocation of land have come into limelight after the UT administration and Haryana Urban Development Authority (HUDA) decided on to conducting a joint survey. Data showcased by the survey reveals an allocation of 1.24 care of land to property developers. The figure was out of 123.70 acres of land. Earlier, the UT Administration did not conduct demarcation of land in an apt way and less land allocation was found during the survey.

The company has written to the CHB regarding the issue, says PK Jain, Advisor, Parsvnath Developers Private Limited. The decision of making the payment to CHB largely depends on the allocation of land which will further encourage the timely execution of the project.

News Published Under:   Real Estate Developers |

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