Uttar Pradesh government halts cancellation of land allotment to M3M group in Noida, ET RealEstate
NOIDA: The Uttar Pradesh government has put on hold the cancellation of commercial plot allotment in Noida to M3M group companies Lavish Buildmart and Skyline Propcon and decided to review the decision. The move came after the government received appeals from the two companies as well as the reports submitted by the Noida Authority.
The UP government had on May 10 cancelled the allotment of plots located in Noida’s Sector 72 and Sector 94 on grounds that the allotment through e-tender process was done in violation of rules. Subsequently, the Noida Authority had sealed the project sites.
In an official communication to the Noida Authority, UP government’s Principal Secretary Anil Kumar Sagar said the government received a complaint in February that these companies violated the rules and conditions set forth in the e-brochure of the Authority’s e-tender scheme.
“The specific plots in question are commercial plot number 01 in Sector 94, allotted to M/s Lavish Buildmart Pvt Ltd, and commercial plot number MPC-01 in Sector 72, allotted to M/s Skyline Propcon Pvt Ltd. The allocations were initially cancelled on May 10, 2024, due to these alleged violations,” Sagar said.
He said, however, after receiving a request for reconsideration from Yatish Vahal, the Authorized Signatory/Director of M3M group on May 13, 2024, the government has decided to review the matter.
Vahal requested the cancellation order be revoked and an opportunity for a hearing be provided, the senior IAS officer noted in the letter seen by PTI.
“Following this, the Noida Authority submitted reports on May 20 and May 29 and after thorough consideration of these reports and the appeal from the companies, the government decided to suspend the cancellation order issued on May 10, 2024,” he said in the letter.
“The Noida Authority has been instructed to take necessary action in light of this decision,” Sagar added.
The M3M group said it welcomed the government’s decision. The Gurugram-based developer told PTI that these two projects in Noida were launched 18 months ago and so far Rs 751 crore have been spent on land cost and about Rs 750 crore on project construction.
“We are committed to our investment in Uttar Pradesh and will ensure jobs and opportunities, along with creating a masterpiece for the state,” an M3M spokesperson said.
The total cost of both the projects is estimated to be around Rs 5,500 crore with 45 per cent of the units already sold to 1,400 buyers who have made the investments, the group added.
