Uttar Pradesh government cancellation of land to M3M group in Noida

The Uttar Pradesh government has put on hold the cancellation of commercial plot allotment in Noida to M3M group companies Lavish Buildmart and Skyline Propcon and decided to review the decision. The move came after the government received appeals from the two companies as well as the reports submitted by the Noida Authority. The UP government had on May 10 cancelled the allotment of plots located in Noida's Sector 72 and Sector 94 on grounds that the allotment through e-tender process was done in violation of rules. The M3M group said it welcomed the government's decision The Gurugram-based developer told PTI that these two projects in Noida were launched 18 months ago and so far Rs 751 crore have been spent on land cost and about Rs 750 crore on project construction. We are committed to our investment in Uttar Pradesh and will ensure jobs and opportunities, along with creating a masterpiece for the state an M3M spokesperson said. The total cost of both the projects is estimated to be around Rs 5,500 crore with 45 per cent of the units already sold to 1,400 buyers who have made the investments, the group added.
 

https://www.livehomes.in/news_letter