Vikas Sharma / New Delhi/ Chandigarh Apr 30, 2009, 00:53 IST
The rift between the Chandigarh administration and Delhi-based realtor Parsvnath Developers Limited is likely to affect the plans of the Chandigarh Housing Board (CHB) to make the city slum-free.
The CHB had entered into a Rs 821-crore land sale deal with Parsvnath in 2007 and was to net 30 per cent from the sale of dwelling units in the Parsvnath Pride Asia project. CHB had proposed to use the money for construction of flats in the city.
However, Parsvnath has now alleged that the CHB had failed to provide encumbrance-free land to them even after two years. It, therefore, has written to the administration demanding either the contract agreement for the Parsvnath Pride Asia project be restructured or the project be taken forward on a pro rata basis or the ties be snapped.
Talking to Business Standard, state finance secretary Sanjay Kumar said they were yet to take a final decision on the three conditions set by Parsvnath.
The Parsvnath Pride Asia project, a joint venture between Parsvnath and the CBB, involves creating a residential space of 3.8 million sft and commercial space of 270,000 sft among others.
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