DLF gets Rs 676-crore refund from DDA after settlement
DLF, India’s largest realty firm, said on Monday that following the scrapping of Rs. 6000 Crore project that it had bagged from the DDA in July 2007, it had received a refund of Rs. 675.81 Crores from the agency. DLF would now have to return the 35 Acres of land that it received from DDA for the project. The project involved developing an international convention and exhibition centre in the Dwarka area of the capital.
In a BSE filing, DLF said: “The Company has entered into a settlement with Delhi Development Authority with respect to the agreement for allotment of land for setting up an International Convention and Exhibition Centre Project at Sector-24, Dwarka, New Delhi.”
The filing also stated that the company, after forfeiture of the earnest money in terms of the settlement agreement has got a refund of R675.81 crore from DDA as full and final settlement.
The filing further stated, “With the above settlement, all claims of both the parties inter-se relating to the above land shall stand settled.”
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