TAKING NOTE of the harassment to the investors due to the pending development works of PACL Pearls Limited in several residential sectors in the city, the Greater Mohali Area Development Authority (GMADA) has directed the company to develop Sector 100 and 104 or else face action. GMADA has also warned the company that it will forfeit its bank guarantee which is more than Rs 2 crore due to the failure in developing Sector 93, which was registered on the name of Pearls City. GMADA has given 15 days to the company to start the development works.
According to sources, GMADA has sent a final notice to the company and sought an explanation. The company was asked to start the development works so that the possession of the plots could be given to investors. The company was also told that in case it failed to start the work, the company’s licence will be cancelled.
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PACL was issued the licence to develop Pearls City in 41.92 acres in 2014 and it was to expire in January 9 this year. GMADA officials said as per the terms and conditions of the licence agreement, the developers had to complete the project in the given time but when the team inspected the site only 20 to 25 percent work was done. The officials added that the bank guarantee of Rs 2.5 crore which the Pearls Limited has deposited at the time of getting the licence would also be forfeited if the work is not started within 15 days of the notice.
“We inspected the site and then sent a final notice to the company. We have given a 15 days’ time, if the company fails to act then the action will be taken under Punjab Apartment and Regulations Act,” said a senior GMADA official who did not wish to be named.
The official added that on March 9 the company was issued the notice and given ten days time but it failed to start the work adding that the three member technical committee to review the development works in Sector 100 and 104 after the investors started an agitation outside the GMADA office to take action after registration of an FIR against the owner of the company, S S Bhan.