The Bihar government has cancelled the lease of P&M Mall, city’s first mall, owned by noted film-maker Prakash Jha, on the ground of violation of lease conditions.
Industries minister Jai Kumar Singh said that Bihar Industrial Area Development Authority (BIADA) has cancelled land lease of the mall because of violation of lease conditions.
Located in Patliputra Industrial area of the city, P&M Mall was inaugurated by Chief Minister Nitish Kumar in 2011.
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The mall having an area of about 58,300 sq feet houses state’s first multiplex besides shopping complex and exclusive showrooms of multinational brands.
The Industries minister said that after a review of land allocation by BIADA, it was found that around 100 allotees including P&M Mall have not fulfilled the conditions of the lease and hence these lease have been terminated.
Regarding P&M Mall, Singh said that it grossly violated the laid down condition to pay a circle rate of 10 per cent to the state government on land sub leased to other parties.
“As per BIADA estimate, an amount of Rs 2.60 crore is due to the state government on account of circle rate payment out of sub lease but the Mall has submitted only Rs 40 lakh,” he added.
Cancellation of lease of P & M Mall would be a big setback for the film-maker who had unsuccessfully contested last Lok Sabha election on JD(U) ticket from Bettiah.