February 10, 2009 1:21:38 am
The Noida Development Authority has allowed real estate development company BPTP to take possession of land worth Rs 1,170 crore after the company said that it was unable to undertake a project worth Rs 500,000 crore,as agreed upon earlier. Land acquisition for the develproject had been stalled after the BPTP expressed its inability to pay the entire amount.
The authority imposed a Rs 130 crore fine on the company and allowed it to take control of the property that had been paid for, said sources. The authority has registered the deal and transferred ownership of the land to the BPTP.
📣 Join our Telegram channel (The Indian Express) for the latest news and updates
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.