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DDA not to buy Emaar flats

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The national games village issue is under fire between the developer MGF groups and DDA. Lately source reported at www.propertykhazana.com reveals that the decision taken by the committee of DDA has not supported the buying of MGF flats of the Games village and instead they suggested for relaxation on lending rates for Rs 500 crore to complete the project. As per the initial agreement among the Emaar and DDA – around two thirds of the flats can be put on sale by the developers where as rest can be used by the DDA for their purposes. Later on Emaar group has sought to acquire more from the share of DDA and by selling those the company was planning to complete the village project.
After the meet of the core team of the DDA a report has been submitted to Lieutenant Governor Tajendra Khanna – Ministry of Urban Development citing various issues regarding the village flats dealing as per the sources reported at www.propertykhazana.com. The main fear of the committee about the village deals is that they doubt the company to put the money to the construction job which may divert to clear the existing debt of the company.
The report further states that looking at the present condition one cannot predict the property rates and may hinders at the village project and at the same time DDA should imply strict measures to check the proper utilization of funds for the village projects so that it gets completed with in the committed time. The committee was powered with all the major personalities of banks, CPWD and NBCC. They also suggested that govt. should waive off the interest rates from the loan till they are for the use of commonwealth games. For more updates visit www.propertykhazana.com.
Source: NBTVLIVE

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