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Realty recession directly hits the labor class

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The downturn in realty market has striked about 1,800 employees of the now-defunct Pal Peugeot plant in Dombivli after Citra Developers withdraw its bid of Rs. 6800 Crores for about 140 acres plot or 6 Oval maidens. Citra Developers is a limb of Indiabulls Realty and employees were confident that their dues-amounting of about Rs. 125 Crores will be cleared which is for the duration of 10 years. Secretary of the Saqkharam Seth Employee’s Union said to www.propertykhazana.com that, “There are about 1,800 workers at this plant and most of them are over the age of 50 years and they are waiting since from 1998 for their exceptional claims of salary and repayment.”
However, the employees say that they have been left marooned, as any new sale will not get the similar high rate that this land once ruled when the market was flourishing. Citra’s soaring bid of about Rs. 700 Crores was found outlying under the reserve bid of about Rs. 1,700 Crore by the Bombay High Court and the sale performed by the court beneficiary, which was in the ownership of the land. As per to the sources saying @ the www.propertykhazana.com, the union has filed a case in the court, urging to confirm the auction to Citra, but it was surprised at the state Govt.’s affirmation, urging for a resale of the land. On one single judgement the court permitted Citra to pull out Rs. 170 Crores, where the developer had banked with the court as part of the payment for the land dealing.
Source: NBTVLIVE

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