Chandigarh, June 17
The Punjab Government today decided to issue a project termination notice to real estate firm Omaxe Limited for allegedly failing to give the promised employment in its integrated township project at Patiala.
The decision was taken during the 44th meeting of the Punjab Urban Planning and Development Authority held here under the Chairmanship of Punjab Chief Minister Parkash Singh Badal, an official release said.
Omaxe has allegedly failed to give employment to 1,000 people in the IT and Bio-Tech sectors at the end of third year (August 9, 2010) after commencement of the project. Another 3,000 people were to be given employment by the end of the fourth year, a spokesperson said.
Omaxe was to develop IT and Biotech sector on 1.5 lakh square feet of area, which was to be part of integrated township project in Patiala.
The state government also announced that in future, the entire development of the said project would be done by Punjab Urban Development Authority (PUDA).
Meanwhile, Omaxe has strongly contested the desion. An Omaxe spokesperson said it released ads inviting expression of interests for IT and Bio-tech parks but the company and Patiala Development Authority (PDA) didn't receive any response.
The permissible time for developing the IT & BIO-tech park in PDA Omaxe City is four years ending on August 2011.
The company and PDA is adhering to the provisions of the Joint Development Agreement (JDA) and despite several attempts to sell IT & Bio-tech parks, it didn't get any response due to economic slowdown and market dynamics which is beyond its control, he said.
The steering committee (comprising of two members from PDA and two members from Omaxe) requested the Punjab government for an extension of two years for developing the these parks, spokesperson added. — PTI
source:- http://www.tribuneindia.com/2011/20110618/biz.htm#3
Property Investment in Gurgaon
The Punjab Government today decided to issue a project termination notice to real estate firm Omaxe Limited for allegedly failing to give the promised employment in its integrated township project at Patiala.
The decision was taken during the 44th meeting of the Punjab Urban Planning and Development Authority held here under the Chairmanship of Punjab Chief Minister Parkash Singh Badal, an official release said.
Omaxe has allegedly failed to give employment to 1,000 people in the IT and Bio-Tech sectors at the end of third year (August 9, 2010) after commencement of the project. Another 3,000 people were to be given employment by the end of the fourth year, a spokesperson said.
Omaxe was to develop IT and Biotech sector on 1.5 lakh square feet of area, which was to be part of integrated township project in Patiala.
The state government also announced that in future, the entire development of the said project would be done by Punjab Urban Development Authority (PUDA).
Meanwhile, Omaxe has strongly contested the desion. An Omaxe spokesperson said it released ads inviting expression of interests for IT and Bio-tech parks but the company and Patiala Development Authority (PDA) didn't receive any response.
The permissible time for developing the IT & BIO-tech park in PDA Omaxe City is four years ending on August 2011.
The company and PDA is adhering to the provisions of the Joint Development Agreement (JDA) and despite several attempts to sell IT & Bio-tech parks, it didn't get any response due to economic slowdown and market dynamics which is beyond its control, he said.
The steering committee (comprising of two members from PDA and two members from Omaxe) requested the Punjab government for an extension of two years for developing the these parks, spokesperson added. — PTI
source:- http://www.tribuneindia.com/2011/20110618/biz.htm#3
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