The Haryana Town and Country Planning Department has wielded the axe again to cancel licences of two major developers after they defaulted on their payments. This brings up the number of cancelled licences to ten after developers defaulted in paying their due amounts. The real estate market is currently on the downslide in the National Capital Region (NCR) and most of these developers had planned their projects in towns surrounding Delhi.
The department refused to renew the licence of Patstut Real Estate Pvt Ltd and Associate Companies and individual land owners who defaulted on payment of additional bank guarantee of Rs 1,396.34 lakh. This consortium has given c/o the Parsvnath Developers Ltd,Delhi,as its address. The company had obtained the licence in March 2007 for setting up a residential plotted colony on land measuring 112.956 acres at Dharuhera village in Rewari district. The company applied for renewal of licence on January 24,2011. The government considered the application in light of its relief policy announced on April 12,2012. The department asked the developers to deposit an additional bank guarantee of Rs 1,396.34 lakh which was equivalent to 25 per cent of the external development charges (EDC) alongwith an undertaking.
The cancellation order issued this week mentioned that the promoters failed to remove the deficiencies conveyed to them in a letter dated July 10,2012. Instead they applied again for renewal of licence till March 2,2014. They also did not submit any documents as required under the relief policy. On a personal hearing granted to the developers,R K Sinha,Vice President,Parsvnath Developers,was again asked to submit documents. This request too was not complied with. Therefore,the final order said,the request for renewal of licence automatically gets cancelled.
In another strongly worded order,the department cancelled the licence of G E Max Infrastructure Pvt Ltd and also debarred the company from creating any third party rights on the said site. The company had been given many opportunities but failed to abide by any of your undertakings. It has been noticed with grave concern that a meager amount of Rs 50 lakh has been deposited against outstanding EDC of Rs 18.32 core and outstanding enhanced EDC of Rs 6.50 crore.