- Expected resolution of issues faced by around 5,000 homebuyers, potential liability of up to Rs 2,912 crore
- Remaining infrastructure facilities to be developed, government land to be protected
Lucknow: In the Cabinet meeting held on Tuesday under the chairmanship of Chief Minister Yogi Adityanath, approval was granted for the completion of M/s APIL’s Hi-Tech Township project in Lucknow. Under this decision, the project approved under the licence granted under the Hi-Tech Township Policy will be taken over by the Lucknow Development Authority (LDA). Thereafter, a proposal for completion of the project will be submitted before the National Company Law Tribunal (NCLT).
According to preliminary estimates, the maximum potential liability of the project is approximately Rs 2,912 crore. However, the actual liability will be determined through the IRP (Insolvency Resolution Professional) process, and the funds required for its payment will be made available to the LDA as seed capital.
Special Secretary, Housing, Rajesh Kumar Rai said that completion of the project through a government agency will make it possible to resolve the issues of around 5,000 homebuyers. Development work in the stalled project will be restarted. The remaining infrastructure facilities and utilities of the Hi-Tech Township will also be developed. This will help in completing the project and ensuring planned development.
Under the proposal, mortgaged land and Gram Sabha land will be vested in favour of the Lucknow Development Authority instead of being regulated in favour of any third party. This will ensure the protection of government land. At the same time, the possibility of recovery of dues owed to government departments in the future will also improve.
Development of the project through a government agency will instil confidence among homebuyers. Completion of the project will provide a boost to the real estate sector and construction activities. It is also expected to lead to an increase in employment generation.
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