In a significant development, around 800 investors have found themselves in a tight spot with M3M builder’s two projects in Noida. The investors are currently scrambling to recover their investments.
Authority Sends Report to Government
The Noida Authority has taken action by preparing a detailed report on the situation and has forwarded it to the state government. According to the report, the number of investors involved in these two M3M projects is approximately 800.
Authority Preparing to Take Over Commercial Plots
Noida Authority officials have stated that they are gearing up to take possession of the commercial plots linked to these projects. This potential takeover has caused considerable anxiety among both the builder and the investors.
Allotments Cancelled for Violating Rules
On May 10, the government cancelled the allotment of commercial plots to two subsidiary companies of M3M builder. The builder is accused of violating rules by securing these plots through a single bid with an additional bid of only five lakh rupees.
Details of the Controversial Allotments
The plot in Sector-94 had a reserve price of ₹827.35 crore, and the one in Sector-72 had a reserve price of ₹176.48 crore. Despite these high reserve prices, the plots were allegedly allotted for just an extra five lakh rupees.
Plots Allotted to Subsidiary Companies
The Sector-94 plot was allocated to M/s Lavish Buildmart Private Limited, while the Sector-72 plot went to M/s Skyline Propmart Private Limited. A letter from Uttar Pradesh’s Principal Secretary for Industrial Development, Anil Kumar Sagar, highlighted the rule violations in these allotments and was sent to the Noida Authority.
Allegations of Rule Violations
There are allegations that the plots were allotted in violation of stipulated rules, a charge that has exacerbated the concerns of the already worried investors.
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