After the opting out of two major realty projects–Wave Infratech and Unitech – from the land allotted to them for housing projects, one more real estate group, Logix Group, is planning to opt out of the residential project located in sector 22D, area of YEIDA.
As per the sources, the decision of the Logix Group opting out of the project is not because of the lack of funds but it is due to the failure of YEIDA to give possession of 200 acre plot of land since the last seven years.
From the information by officials, Logix Group has already paid around Rs.110 crore to YEIDA for the plot in sector 22D for residential project. The CEO of YEIDA said that they could not give possession of the land to the builder because even they are unable to get the custody from the farmers.
The farmers residing in YEIDA have been asking for a hike in compensation for their lands acquired by the authorities. Most of these farmers have resorted to the court for the matter and therefore the delay is caused in delivering the possession to the allottees.
However, the proposal of the realtor is being analyzed for bringing it under the new initiative of Project Settlement Policy.
The CMD of the Logix Group has given his confirmation that an application has been submitted by his firm to YEIDA, seeking to get the money refunded and give back the land.
The possession of only 70 acres land has been given out of the total 200 acre allotted. The real estate firm feels that there is no point in investing the funds in the project which is still to start and it has been seven years already.