No loss in buying Games flats: DDA

“After the evaluation committee submitted its report,a negotiation committee was set up to discuss the matter with Emaar-MGF. The developer refused to accept the rates recommended by the evaluation committee as the market rate for their flats was then Rs 13,000 per sq feet. There is no question of us having incurred a loss. In fact,we will benefit from the eventual sale of these flats,” Lal,who headed the negotiation committee,said.

Lal also touched upon the situation at that point of time. “Work had come to a virtual standstill. Emaar-MGF,a company of international repute,was desperate as its credibility was at stake. They approached us for a loan,which we could not give as they did not have any guarantee against such a loan,” he said. Having exhausted all other options,the DDA eventually agreed to the bailout by buying 333 flats to provide cash liquidity to the developer.

Responding on the issue of why there was no suitable clause in the original contract between the DDA and Emaar-MGF,which envisaged a situation wherein the developer would be unable to raise funds for the project,Lal said,“Who could have imagined that a recession would take place in the world?”

Residents meet Sheila,protest DDA demolition drive

Public representatives,along with residents of Vasant Kunj Enclave and Jaitpur Extension II,Kalindi Kunj Road,met Chief Minister Sheila Dikshit and protested against the ongoing demolition drive carried out by the Delhi Development Authority (DDA) in these colonies.

Jaitpur Extension II is an unauthorised colony,which has been issued a provisional certificate of regularisation,she was informed. Despite the legal amnesty given to these colonies through a Government of India notification,the DDA is carrying out the demolition,the delegates said.

The DDA,meanwhile,continued its demolition in Vasant Kunj. “We have completed a major chunk of demolition in Jaitpur. Demolition will continue in both places tomorrow,” officials said.