May 13, 2024: The Uttar Pradesh government has cancelled the allotment of two land parcels in Noida to M3M Group subsidiaries Lavish Buildmart and Skyline Propcon, saying the companies were allotted the land at a ‘non-competitive rate’, according to an Economic Times report.
M3M had paid over Rs 1,000 crore for the land parcels in Noida’s Sector 72 and Sector 94. As cited in the report, both the land parcels were allotted on the basis of a single bid, where the bidders quoted Rs 5 lakh more than the reserved price, Anil Kumar Sagar, principal secretary – infrastructure and industrial development department, UP, said in an order issued on Friday. It is clear that there was not proper competition and both the land parcels were allotted to a single company at a non-competitive rate.”
As mentioned in the report, M3M had announced an investment of Rs 700 crore in developing luxury retail and penthouses as part of a commercial project in Sector 72. The investment included Rs 250 crore land cost and Rs 450 crore construction cost. It had also launched M3M The Cullinan in Sector 94. Spread across 13 acre with over 4 million square foot (msf) of saleable area, M3M had said it would invest Rs 4,000 crore in the project, including land cost.
The developer had got all the approvals for the two projects, including registration from the Real Estate Regulatory Authority (RERA).
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