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Bangalore-Mysore NICE Corridor on halt

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As per the sources available with www.propertykhazana.com, Bangalore-Mysore Infrastructure Corridor (BMIC) Venture has been stopped in half following the discrepancy among the Karnataka Govt. and the venture company Nandi Infrastructure Corridor Enterprises Ltd (NICE). This venture was planned by NICE. State Govt. alleged that NICE spoiled in construction business at the value of property allotted for venture while contractor blamed Govt. to put obstruction in the victory of venture. Penalty of Rs. 5 Lakhs was imposed to State Govt. pervious year for cosseting in ineffective court case to stop the venture about development of 8 new townships in the city. Chief Minister of Karnataka H D Kumaraswamy had taken approval to continue in finding analysis to resolve the accessibility of 2,289 acres of more actionable property which has market value of Rs. 30,000 Crores.
According to the sources available to www.propertykhazana.com, Chief Minister had inquired SC to allow the Investigation Commission to go forward with the legal investigation and commission was headed by retired Chief Justice B C Patel of Delhi High Court. Appeal was filed by NICE which was send away by a Division Bench including Chief Justices K G Balakrishnan, B P Singh and G P Mathur. Deal among NICE and the Karnataka Govt. was signed during time when Congress was ruling in 1988. Change of power carried obstacles for the venture and Mr. H D Deve Gowda, former CM of State had lifted claims against company before and condemned it for spoiling in realty business by taking surplus property more than the actual requirement.
Source: NIMMA BENGALURU

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