Economic development corporation notice to DLF for its failed 'mall'
Oct 17, 2012
Source : The Times of India


PANAJI: Trouble continues to haunt the Delhi-based infrastructure company DLF, as the state government-run economic development corporation (EDC) has decided to issue a show-cause notice to the company as to why the lease should not be cancelled as the company has not utilized the plot allotted to them at Patto Plaza, Panaji, within the stipulated time.
DLF was allotted the plot of over 18,000 sq mt for the construction of a mall at Patto, in Panaji, at the cost of 90 crore. DLF had bought the plot through a bidding process and the highest amount of 50,000 per sq mt.
"We are in the process of issuing the notice to DLF for cancellation of the lease," said an EDC official.
DLF was allotted the plot in 2007 and as per the lease agreement, DLF had to utilize the plot within three years from the date of allotment. But as they were not able to start construction, DLF once again approached EDC for an extention of two years.
The EDC extended the time period by two years as per the request, but even then, DLF failed to start the work and extended period further, which came to an end this year.
The EDC took the decision to issue a show-cause notice after discussing the issue at its board meeting recently, sources said.
Some months ago, DLF was in the news regarding a building project at Dabolim.

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