NBR Developers
  • more-arrow-down
    • Please wait while loading other cities loading...

Highway developers to be allowed to exit projects: Road Ministry

  • No. 1 Property Portal in India
  • Over 25 Lakhs Apartments and More
  • Post Free Residential Properties in India
  • Find Property in Bangalore
  • Buy/Sell/Rent Apartments in India
  • Search Latest Residential Property in India
  • Get Free Alerts on Property Requirements
  • Find Agents/Buyers for your Property
Highway developers will soon be allowed to exit projects as the Ministry of Road Transport and Highways is finalising a proposal that might enable them to leave "harmoniously", without attracting punitive measures.
"There is a clause of Substitution (Agreement) in the Model Concessionaire Agreement under which the developer can exit the project and the lender will decide how to go about it as it is their money," a Road Ministry official told PTI. Under the new norms, lenders of the project (bank, financial institution) will have a say in deciding the exit of the developer. The ministry may even do-away with the punitive measure clause proposed earlier if the developer wanted to leave, the official added. "Earlier, there was a talk of punitive measures if the concessionaire wants to exit the project. Now, we are looking at a more harmonious way for allowing concessionaire(s) to exit the project," the official said. That developer will be replaced by another firm which will be chosen by the lender. The proposal has been sent to the Finance Ministry by the ministry and it is with them, he added. The official said the proposal is likely to go to the Cabinet Committee on Economic Affairs once all the ministries send their comments. Substitution agreement is between NHAI, lenders and the Concessionaire (developer). As per the Substitution Agreement, NHAI and the Concessionaire have the right to seek substitution of the Concessionaire in accordance with the provisions of the agreement, he added. Prior to this, there was a proposal to allow developers to fully exit the projects or partially divest equity in the road project after approval from the stakeholders, but it could not go through. "Now we have decided on allowing the developer a harmonious exit," the official said.
Source: Economic Times

Property Listings

Apartments, Flats and Property for Sale in Bangalore

Jun 09, 2017
BREN brings to you unparalleled comfort combined with a lifestyle that embraces modern trends while providing a quality experience. Total Plot..
Jun 09, 2017
Finding a new and never-before living experience has never been so easy. Sri Guru BR Elite presents an expansive array of living options at one of..
Jun 08, 2017
Bren Woods is located in Bangalore and comprises of thoughtfully built Residential Apartments. The project is located at a prime address in the..
Jun 06, 2017
Shriram Summitt, set on 15 acres, offers 1, 2 & 3 BHK units in various sizes. 1 BHK units range from 720 to 780 sq.ft, 2 BHK units from..
Jun 05, 2017
Greetings from the “SHIVA SKANDA RESIDENCY ”!!! Introducing '' SHIVA SKANDA RESIDENCY '' BBMP approved well planned 2&3..
Jun 05, 2017
Vaishnavi Builders, you experience the magic of spaces designed holistically. Each and every element exemplifies a profound understanding of your..
Jun 04, 2017
Greetings from the Grand Gandhrava Apartments Grand Gandharva Luxurues 2 & 3 Bedroom Builder floor Apartments. Located Next to Gopalan..
Jun 04, 2017
Greetings from the Grand Gandhrava Apartments Grand Gandharva Luxurues 2 & 3 Bedroom Builder floor Apartments. Located Next to..
Jun 04, 2017
Discover the Joy of Living in an Environment that’s Sustainable for Ever A Star is Born - Welcome to the Asset Northern Star! Presenting..

Apartments, Flats and Property for Rent in Bangalore

May 16, 2017
Spread over 6.9 acres of land and comprising of 3 Blocks, SOBHA CLASSIC is strategically located off Sarjapur Road, Bangalore and offers close..
May 15, 2017
Flat for rent in Haralur Road near Kudlu(AECS Layout). East facing 2BHK (1235sq.ft) flat for rent. It is situated on the main road(Haralur Road)..
Apr 23, 2017
As my office is far from Flat, planning to..
Apr 21, 2017
New Era Luxury Hostels for Girls , accommodation for every budget • Brand New building • Spacious and well ventilated..
Apr 19, 2017
2BHK apt for rent, ground floor, car parking, power backup, arkere BPL bus stop, next to Mitra Academy school, Bannerghatta main road, available..
Mar 31, 2017
LEASE OR RENT Near Manyath tech park brand new 2b/r multistory apartment with swimming pool, gym party hall, power backup, car..
Dec 23, 2016
Dec 04, 2016
A safe secure society of defence officers, with clean air and environment. With facilities like, gym, pool, ATM, parking, etc near the..
Sep 30, 2016
Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..
Sep 30, 2016
Rent - 2 BHK Flat In Kaggadasapura. Available 2 BHK Flat for Rent in..