No undue concession was given by DDA to Emaar-MGF, the developer of the Commonwealth Games Village, the Rajya Sabha was told today.
DDA gave Rs 766.89 crore to Emaar-MGF as a buyout package to complete the Village construction before the Commonwealth Games.
"Due to the economic recession and cash flow problems faced by the project developer, the work at the site had come to a virtual halt," Minister of State for Urban Development Saugata Roy said in the House.
He said that "on the request of project developer for financial assistance, various options were thought of to ensure the project is completed on time. After detailed examination of various options, it was decided to purchase 333 apartments at the rate of Rs 11,000 per sq ft from the project developer at a cost of Rs 766.89 crore."
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