The Uttar Pradesh government has decided to pause the cancellation of commercial plot allotments in Noida to M3M group companies Lavish Buildmart and Skyline Propcon, opting instead to review the decision. This move follows appeals from the companies and reports submitted by the Noida Authority. Initially, on May 10, the government had cancelled the allotment of plots in Noida's Sector 72 and Sector 94, citing violations during the e-tender process, which led to the sealing of the project sites by the Noida Authority.
In an official communication to the Noida Authority, Principal Secretary Anil Kumar Sagar stated that a complaint received in February alleged violations by these companies of rules and conditions outlined in the Authority's e-brochure for the e-tender scheme. "Specifically, commercial plot number 01 in Sector 94 allotted to M/s Lavish Buildmart Pvt Ltd, and commercial plot number MPC-01 in Sector 72 allotted to M/s Skyline Propcon Pvt Ltd were cancelled initially on May 10, 2024," Sagar mentioned.
However, after receiving a request for reconsideration from Yatish Vahal, Authorised Signatory/Director, M3M group, on May 13, 2024, the government opted to review the matter. The decision to suspend the cancellation order, issued on May 10, 2024, came after thorough consideration of reports submitted by the Noida Authority and appeals from the companies.
"The Noida Authority has been directed to take necessary actions based on this decision," Sagar added in his letter. The M3M group welcomed the government's move, highlighting that the projects launched in Noida 18 months ago have seen substantial investment in land costs and construction, totaling Rs 15.01 billion. The group affirmed its commitment to Uttar Pradesh, emphasising job creation and economic opportunities, alongside its dedication to delivering landmark projects in the state.
The total projected cost for both developments amounts to approximately Rs 55 billion, with 45% of the units already sold to 1,400 investors, according to the group's statement. (Source: ET Infra)
