Noida authority demand commercial plot allotment termination
Real Estate

Noida authority demand commercial plot allotment termination

Two commercial site allotments that were terminated due to suspected condition violations and non-competitive pricing have been the subject of a complaint from the Noida Authority to the Uttar Pradesh government. Following a complaint that the realtors who were given the land were not authorised, the state government revoked the allotments to Lavish Buildmart and Skyline Propcon, companies of the Gurgaon-based real estate business M3M, on May 10. Through a commercial plot plan, Lavish Buildmart was given a Rs 8.27 billion plot in Sector 94 in November 2022, while Skyline Propcon was given a Rs 1.76 billion plot in Sector 72 in February of the previous year. Earlier this week, the UP additional chief secretary, Manoj Kumar Singh, who is also the chairman of the Noida Authority, asked the industrial authority to submit a comprehensive report after M3M submitted a representation before the government seeking the allotted land parcels to be restored. In the letter to the UP government, the developer expressed their dismay over the cancellation of the land allotment without hearing their side. After registering the land parcels last year and obtaining other approvals, M3M announced luxurious commercial and residential projects in Sectors 94 and 72. The cancellation of the land allotment left hundreds of investors and property buyers worried. Sunil Julka, a homebuyer who invested Rs 00.1 billion in The Cullinan, said that he had invested in the project in March after thoroughly checking the property's background, as the land was allotted by the Authority and had UP-RERA registration. He mentioned that he had bought the flat after selling his plotted house and was currently living in a rented apartment. Saurabh Gupta, who invested over Rs 00.1 billion in the project, asked if homebuyers could not trust government allotments and whom they could believe. He expressed hope that the government would reconsider its order, keeping homebuyers in mind. The cancellation order, issued by Anil Kumar Sagar, principal secretary (UP industrial development department), stated that in both cases, the bid quotes were increased by only Rs 5 lakh over the reserve price. Although there is a provision to consider a single bid after extending the tender date twice by the authority, the aim of any tender is to get a competitive rate, which is not the case here.
Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Two commercial site allotments that were terminated due to suspected condition violations and non-competitive pricing have been the subject of a complaint from the Noida Authority to the Uttar Pradesh government. Following a complaint that the realtors who were given the land were not authorised, the state government revoked the allotments to Lavish Buildmart and Skyline Propcon, companies of the Gurgaon-based real estate business M3M, on May 10. Through a commercial plot plan, Lavish Buildmart was given a Rs 8.27 billion plot in Sector 94 in November 2022, while Skyline Propcon was given a Rs 1.76 billion plot in Sector 72 in February of the previous year. Earlier this week, the UP additional chief secretary, Manoj Kumar Singh, who is also the chairman of the Noida Authority, asked the industrial authority to submit a comprehensive report after M3M submitted a representation before the government seeking the allotted land parcels to be restored. In the letter to the UP government, the developer expressed their dismay over the cancellation of the land allotment without hearing their side. After registering the land parcels last year and obtaining other approvals, M3M announced luxurious commercial and residential projects in Sectors 94 and 72. The cancellation of the land allotment left hundreds of investors and property buyers worried. Sunil Julka, a homebuyer who invested Rs 00.1 billion in The Cullinan, said that he had invested in the project in March after thoroughly checking the property's background, as the land was allotted by the Authority and had UP-RERA registration. He mentioned that he had bought the flat after selling his plotted house and was currently living in a rented apartment. Saurabh Gupta, who invested over Rs 00.1 billion in the project, asked if homebuyers could not trust government allotments and whom they could believe. He expressed hope that the government would reconsider its order, keeping homebuyers in mind. The cancellation order, issued by Anil Kumar Sagar, principal secretary (UP industrial development department), stated that in both cases, the bid quotes were increased by only Rs 5 lakh over the reserve price. Although there is a provision to consider a single bid after extending the tender date twice by the authority, the aim of any tender is to get a competitive rate, which is not the case here.

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000