JAMSHEDPUR: Leading real estate development company Ashiana HousingBSE 2.44 % Limited today expressed confidence that construction work of its ambitious project 'Marine Plaza' here will restart from next month.
The construction work of the project spread over five lakh square feet including a four-star hotel was stalled two years ago following East Singhbhum district administration ordering an inquiry into alleged violation of lease agreement signed between Tata SteelBSE 1.45 % and the state of government in 2005.
"The inquiry report has already been submitted and we are expecting some instruction from the state government next month in this regard," said the vice-president of Ashiana, Col Shantanu Haldule.
Addressing a press conference on the occasion of handing over possession of its high rise residential project 'Ashiana Anantara', Haldule said "We have already spent Rs 21 crore on Marine Plaza, which will have sprawling a mall and multiplex and a four-star hotel to be developed at a cost of Rs 65 crore."
Claiming that its customers in the proposed project were intact, Haldule said in 2010, the booking for space in the project was done at Rs 3,000 per square feet, which was certain to go up on account of cost escalation.
Referring the upcoming projects in and around the steel city, Haldule said the company has proposals for establishing a residential complex of 500 units in Adityapur in adjoining Seraikela-Kharswan district.
"We have already identified the land and expect to start work in the next six months," he added.