Private firm withdraws from township project

Efforts of the state government to attract private investment in urban development received a jolt as Feedback Ventures Private Limited withdrew as consultant from a project to develop new townships,as there has been no headway in the last four months.

Efforts of the state government to attract private investment in urban development received a jolt as Feedback Ventures Private Limited withdrew as consultant from a project to develop new townships,as there has been no headway in the last four months.

Reacting to the development,an unhappy government has decided to turn down the offer that the company had submitted for appointment as transaction advisor for the Intergrated Urban Rejuvenation Plan (IURP) under which 10 urban infrastructure projects are to be developed in six cities. Interestingly,Feedback Ventures was the only firm that had made an offer for IURP.

Principal Secretary of Housing and Urban Planning,Arun Kumar Sinha,confirmed that Feedback Ventures had withdrawn from the township project and an exercise would now be started to appoint a new consultant.

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In June last year,the state government had decided to develop new townships with the help of private developers. Feedback Ventures was appointed as consultant to execute the project and support in finalising developers for the new townships. On August 24,it invited offers from private developers.

Since the response was poor,the state government revised the deadline at least four times. In December and January,it received seven offers. In the meantime,the government revised the New Township Policy to make it attractive for developers. In a meeting on January 27,the state government cancelled three offers and four were found qualified for the project. There the matter rests.

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