Cidco puts Rs 500-crore Nerul plot on the block that is under litigation

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Plots

   City and Industrial Development Corporation (Cidco) has put on the block a prime three-acre plot in Nerul which is under litigation.

   The property, for a residential and commercial complex, is believed to have a development potential of Rs 500 crore. The 13,619 sqm property, near Wonder’s Park, Nerul’s sector 19A, Navi Mumbai-Uran Road, has been under litigation for many years. A private trust, Automotive Safety and Medicare Foundation had dragged Cidco to court some years back for cancelling its allotment.

   Navi Mumbai property developers are wondering why Cidco called for bids (minimum reserve price of Rs 130 crore) when the plot is under litigation. The bids will be opened on June 20.

   Cidco, in its tender document, had admitted that the property is under litigation. The litigant, Lakhani Developers, said the court granted a stay, although Cidco officials told TOI that there is no dispute and the property had been rented out to Lakhani.

   “Cidco officials illegally terminated our allotment some years back. We filed a case in the HC, which stayed Cidco’s order,” said Vijay Lakhani, who controls the trust.

   A Cidco official said the land was given on leave and licence to Automotive Safety and Medicare Foundation owned by Lakhani Developers for 11 years. Cidco took back possession on expiry of the terms.

   Cidco spokesperson Mohan Ninawe, said, “The land title is clear, it empowered us to float tenders for leasing out the plot to developers for a residential and commercial complex. It’s not under litigation. We expect a good response as the plot is in a prime location.”

   He added that the motive of those claiming the plot is under litigation is to “grab the land” worth several hundred crores. But the tender document, a copy which is with TOI, clearly mentions that the property is under litigation. “Automotive has the first right of refusal to match the highest tender price received provided the claimant participates and bids in the tender process,” it said.

   The tender document said Automotive has to hand over vacant and peaceful possession of the plot only after the highest bidder makes full payment.

   Builder Manohar Shroff told TOI that Cidco had started inviting tenders for disputed properties as well as properties with encroachments despite having a clear land bank.

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source: Economic times.

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