WTC Chandigarh Project at final stage; GMADA acting in haste and arbitrarily
Apr 17, 2023
New Delhi/ Chandigarh [India], April 17 (ANI/NewsVoir): EO, Greater Mohali Area Development Authority (GMADA), has initiated the action of resumption of site in haste and arbitrarily. The matter is sub-judice before the appellate authority as WTC Chandigarh has already filed an Appeal under sec 45(5) of the Punjab Regional and Town Planning & Development Act 1995 challenging the illegal action of EO, GMADA.
Against allotment of plot for Rs. 131 Cr in September 2015, WTC Chandigarh has already paid Rs. 108 Cr to GMADA within the allowable time period extending to June 2026. Further, WTC Chandigarh has been regularly highlighting to GMADA the discrepancies in their calculations and delay in grant of PTM by GMADA against executed term sheet since 2022.
The project is at a finishing stage, with more than 100% of receipts utilised towards project related expenses with significant future receivables and stock more than sufficient to cover any and all expenses.
It is pertinent to mention that notices to various other developers / allottees issued by GMADA is indicative of both the instability in the micro market and the hasty approach being taken by the Authority.
While we are deeply aggrieved and concerned about these recent developments, we urge GMADA that a policy in public interest is required to be framed urgently in this regard at the earliest to ensure that the interests of various stakeholders across various projects in the region are suitably addressed. This would pave a way for the revival of the entire Greater Mohali area as well as attracting continued investment in the state.
We are confident about the merits in support of our appeal as well as the robust position of the WTC Chandigarh project, and reach out to all our Channel Partners and Customers to stand together and help make WTC Chandigarh the landmark project it is.
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