Petition against PDA Omaxe JDA dismissed:Punjab HC
Oct 22, 2013
Source : The Times of India

 

DELHI:PDA Omaxe City, a Joint Development Agreement (JDA) between real estate major Omaxe Ltd. and PDA is all set to see the light of the day as the petition challenging the veracity and legality of the JDA project was dismissed as withdrawn in Punjab and Haryana High Court.

After verifying the relevant records related to the bidding process which started way back in 2005 by PUDA, the Court expressed satisfaction over the submitted documents which clearly states transparency and fair practices in the way the tender was given to Omaxe Ltd. The 85:15 revenue sharing JDA between Omaxe and PUDA was signed in 2006.

“The aforesaid process followed, thus, shows that the transparency of the procedure could not really be doubted nor was there any special or tailor-made conditions for M/s Omaxe Limited, there being a comprehensive bidding process,” the Court observed.

Welcoming the Judgment, Mohit Goel, CEO, Omaxe Ltd. said, “We were always confident and hopeful of the Judgment coming our way. We had full faith in the Judiciary and justice has been delivered. It is ultimately a victory of hundreds of home buyers who have always stood by us. The project has assumed a new lease of life and the coming times will see more development at the site.”

Omaxe remains committed to PDA Omaxe City in Patiala. With plots, EWS Flats and SCOs, the integrated township is one-of-its-kind in the region which remains a mix of exquisite lifestyle and affordability. Home buyers can now heave a sigh of relief as their dream homes become a reality.

With a lot of development being witnessed in the city of Patiala and with the growth of middle class and wealthy individuals, PDA Omaxe City is strategically located at Sirhind Road, Baran. Providing residents a unique and luxurious lifestyle with facilities and amenities that matches uniqueness, comfort and affordability within the boundary you would call home. Facilities like recreation and rejuvenation facilities, state-of-the-art club with swimming pool, sauna, steam, Jacuzzi, games, sports, banquet hall, gym and health club to unwind, an ample parking space, local shopping complex, grocery store, hospital, etc. giving perfection in every structure and unparalleled elegance for your home and office.

About Omaxe Limited:

Omaxe Limited is one of India’s leading real estate development companies. Founded in 1987, the company has fast spread its footprints in 9 States across 30 cities. Today, the company has in its kitty a diversified product portfolio that includes Integrated Townships, Hi-Tech Townships, Group Housing projects, Shopping Malls, Office Spaces, SCOs and Hotel projects.

With approx. 86.5 million sq.ft. of delivered area in both real estate and construction contracting, the company is currently undertaking 41 real estate projects – 13 Group Housing, 19 Townships, 9 Commercial Malls/Hotels/ SCO. A BSE & NSE listed company, Omaxe has over the years made a mark with some landmark projects and engineering marvels. Sensing an opportunity in Tier II and III cities, the company made a conscious decision to venture into States like Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, Himachal Pradesh to name a few and has immensely contributed in the socio-economic development of these cities.

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