Noida, Uttar Pradesh government has put a stay on the cancellation of allotment of commercial plots in Noida to M3M group companies Lavish Buildmart and Skyline Propcon and has decided to review the decision.
The government took this step following an appeal from the two companies as well as a report submitted by the Noida Authority.
On May 10, the UP government had canceled the allotment of plots located in Sector 72 and Sector 94 of Noida on the grounds that the allotment through the e-tender process was done in violation of the rules. Following this, the Noida Authority had sealed the project sites.
In an official communication to the Noida authority, UP government principal secretary Anil Kumar Sagar said the government had received a complaint in February that these companies had violated the terms and conditions stipulated in the e-brochure of the authority's e-tender scheme.“The specific plots under consideration are Commercial Plot No. 01 in Sector 94, allotted to M/s Lavish Buildmart Pvt. Ltd., and Commercial Plot No. MPC-01 in Sector 72, allotted to M/s. Skyline Propcon Pvt. Ltd. The allotment will be initially Were canceled on May 10, 2024 due to these alleged violations,” Sagar said.
However, after receiving a request for reconsideration from Yatish Wahal, authorized signatory/director of M3M Group, on May 13, 2024, the government has decided to review the matter, he said.
Wahal requested that the termination order be set aside and an opportunity of being heard be granted, the senior IAS officer wrote in the letter.
"Subsequently, the Noida Authority submitted reports on May 20 and May 29 and after thorough consideration of these reports and the appeals of the companies, the government has decided to suspend the cancellation order issued on May 10, 2024," he said in the letter. Did.,
“Noida authority has been directed to take necessary action in the light of this decision,” Sagar said.
M3M Group said it welcomes the government's decision. Both these projects in Noida were launched 18 months ago and so far Rs 751 crore has been spent on land cost and around Rs 750 crore has been spent on project construction, the Gurugram-based developer said.
"We are committed to our investment in Uttar Pradesh and will ensure jobs and opportunities while creating a masterpiece for the state," an M3M spokesperson said.
The total cost of the two projects is estimated to be around Rs 5,500 crore, the group said, of which 45 per cent units have already been sold to 1,400 buyers who have invested.
The government took this step following an appeal from the two companies as well as a report submitted by the Noida Authority.
On May 10, the UP government had canceled the allotment of plots located in Sector 72 and Sector 94 of Noida on the grounds that the allotment through the e-tender process was done in violation of the rules. Following this, the Noida Authority had sealed the project sites.
In an official communication to the Noida authority, UP government principal secretary Anil Kumar Sagar said the government had received a complaint in February that these companies had violated the terms and conditions stipulated in the e-brochure of the authority's e-tender scheme.“The specific plots under consideration are Commercial Plot No. 01 in Sector 94, allotted to M/s Lavish Buildmart Pvt. Ltd., and Commercial Plot No. MPC-01 in Sector 72, allotted to M/s. Skyline Propcon Pvt. Ltd. The allotment will be initially Were canceled on May 10, 2024 due to these alleged violations,” Sagar said.
However, after receiving a request for reconsideration from Yatish Wahal, authorized signatory/director of M3M Group, on May 13, 2024, the government has decided to review the matter, he said.
Wahal requested that the termination order be set aside and an opportunity of being heard be granted, the senior IAS officer wrote in the letter.
"Subsequently, the Noida Authority submitted reports on May 20 and May 29 and after thorough consideration of these reports and the appeals of the companies, the government has decided to suspend the cancellation order issued on May 10, 2024," he said in the letter. Did.,
“Noida authority has been directed to take necessary action in the light of this decision,” Sagar said.
M3M Group said it welcomes the government's decision. Both these projects in Noida were launched 18 months ago and so far Rs 751 crore has been spent on land cost and around Rs 750 crore has been spent on project construction, the Gurugram-based developer said.
"We are committed to our investment in Uttar Pradesh and will ensure jobs and opportunities while creating a masterpiece for the state," an M3M spokesperson said.
The total cost of the two projects is estimated to be around Rs 5,500 crore, the group said, of which 45 per cent units have already been sold to 1,400 buyers who have invested.
