MADC hoping to bring fresh builders for First City
The Maharashtra Airport Development Company is currently in search for new builders so that their job can be completed. This was because the residential project named First City was entangled in controversy. The planning took place in Mihan-SEZ and was consuming indeed since the controversy wasted a total of three years.
In year 2008, after the Reatox builders based in Mumbai got hold of the contract, there were questions asked on how can home which belongs to a project in a Special Economic Zone sold to outsiders. The area which had been given to Reatox was excluded by MADC. Unfortunately, the project couldn’t be taken any further since there weren’t enough funds. Because of this, MADC issued a notice of termination. Reatox later challenged this at the courts.
After this, there are huge possibilities that bids will be invited so that some new builder can come and take up this project. However, the MADC might have to wait till the state elections are over. There are quite a number of things that the bidder has to do first. This includes adjust the bank dues, fulfilling all the commitments towards all the buyers who have paid already or haven’t completed the entire procedure.
The chairman of Reatox, Mister Atul Shirodkar has mentioned that the question of termination will be dealt with during the arbitration. At the moment, it is Vijaya Bank who has control over the land and until all matters are settled, the MADC cannot bring in fresh buyers.
Source – Shishir Arya
MADC, Maharashtra Airport Development Company, Residential project in Mumbai, Special economic zone, Special Economic Zone (SEZ) policy
