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« DLF Generated Revenue of over Rs 530 crore in January | Home | Govt Doubles Ceiling on Automatic Foreign Investment »

Real Estate Developer Wants to Pull out Of Slum Rehab Project, Seeks Refund

With the Delhi Development Authority (DDA) and Delhi government’s Environment department involved in a legal tussle over whether a part of land earmarked for Tehkhand Slum Rehabilitation project is part of the ridge, the project is unlikely to see light of the day soon. As a result, real estate company Indiabulls, which was to carry out the project, has written to the DDA seeking refund of Rs 450 crore along with interest. The letter also asks the company to be allowed to pull out of the project.

In 2006, the DDA had auctioned off 11.8 acres in Tehkhand, an area adjoining the Tughlakabad greens in South Delhi, to a consortium of DLF and Indiabulls real estate for Rs 450 crore. Indiabulls bought out DLF’s stake in the project for an undisclosed amount two years later. “As per our agreement, the consortium was to seek all statutory clearances before they began work on the project. They got all major clearances but the matter got stuck when the Delhi Pollution Control Committee (DPCC) contested that some parts of the property were technically a part of the ridge,” a senior DDA official explained.

News Published Under:   Real Estate Developers, Real Estate India | No Comments »

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