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DDA Gives Red Signal to DLF

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The request by the DLF to obtain the compensation of INR 900 Crores has not gone down well with the Delhi Development Authority. This happened at that time, when it got the contract for Dwarka Convention Centre which is near Indira Gandhi International Airport, in the year 2007.
As per the sources at www.propertykhazana.com, DLF was the only bidder for this assignment, which was said to be around INR 3,500 Crores. Interestingly the center was setup before the commencement of the Commonwealth Games in the month of October. DLF was begging DDA to have the access to woo outside investment for the assignment by setting up a plan. However, the supreme body in land dealings in Delhi turned down the offer after the discussion with various experts, which included the solicitor general of India. The company also indicated that it does not want to be part of the project.
Speaking to the sources at www.propertykhazana.com, a senior DDA official informed that, “We have obtained a request for refund some months ago, and we did study various angles to it and the need to refund does not arise at this juncture”. Furthermore, he also stated that according to the deal inked with the DLF, the implementation has to be done by the DLF. A spokesperson of DLF also said to the www.propertykhazana.com that,” We are waiting for them to respond, after submitting the offer for refund, and going as per scheduled”. Due to the recession, DLF has brought in a detailed plan which included selling up on some assets and obtaining the refund.
In addition to this the officials at the Delhi Development Authority did not divulge any information about the refund. However, according to the website www.propertykhazana.com, DLF will have to face the music and legal actions if it does not implement the project. Furthermore, the company is not interested to implement the project unless DDA gives the go ahead for the process of setting up the mechanism to woo outside funding. DLF is selected to obtain 20 Lakh square feet of land for the construction of the conference hall near the International Airport which is at the cost of approx INR 950 Crores. According to the schedule, the complex is set up on the lines of Singapore’s Suntec Convention Centre which is rated as one of the finest in the world. This will also include approx 30 conference rooms which will have a seating facility above 2,000. This will also have two exhibition halls, a five-star hotel complex which will have approx 850 rooms, three star hotel, a hotel, a banquet, a media center, 36,700 square feet retail area and a food court.
Source: NBTVLIVE

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