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Developers demanding money back

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Claimed source at www.propertykhazana.com says that, the Delhi Development Authority (DDA) and Delhi’s Environment Department is embroiled in a lawful combat over whether a part of property allotted for Tehkhand Slum Rehabilitation venture is part of the esker and this venture may not see lights shortly. Accordingly, realty company Indiabulls which was about to develop the venture, has written to DDA that it is looking for the compensation of Rs. 450 Crores and also the interest, the company also urged that it must permit to withdraw the venture.
DDA has sold out 11.8 acres in Tehkhand, a locality close by to the Tughlakabad greens in South Delhi, to a cartel of DLF and Indiabulls realty for Rs. 500 Crores approx., Indiabulls purchased DLF’s share in the venture for a concealed amount after two years. Senior DDA Officer said to the www.propertykhazana.com that, “According to the agreement, the cartel was to look for all legal approval before they start the work on the venture and they got all main approvals but got trapped when the Delhi Pollution Control Committee (DPCC) argued that some parts of the property were officially a part of the esker.” For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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