Uttar Pradesh Government Suspends Cancellation of Commercial Plot Allotment in Noida to M3M Group
In a recent development, the Uttar Pradesh government has decided to put on hold the cancellation of commercial plot allotment in Noida to M3M group companies Lavish Buildmart and Skyline Propcon. This decision follows appeals from the concerned companies and a thorough review of reports submitted by the Noida Authority.
The cancellation, initially announced on May 10, pertained to plots located in Noida’s Sector 72 and Sector 94. Allegations were made that the allotment process through the e-tender system had violated certain regulations. Consequently, the Noida Authority had sealed the project sites.
An official communication from the UP government’s Principal Secretary, Anil Kumar Sagar, highlighted that a complaint was received in February regarding the purported violations by these companies. Specific plots under scrutiny were commercial plot number 01 in Sector 94, allotted to M/s Lavish Buildmart Pvt Ltd, and commercial plot number MPC-01 in Sector 72, allotted to M/s Skyline Propcon Pvt Ltd.
However, following a request for reconsideration from Yatish Vahal, the Authorized Signatory/Director of M3M group, the government opted to review the matter. Vahal requested the revocation of the cancellation order and an opportunity for a hearing, prompting the suspension of the initial decision.
The Noida Authority submitted reports on May 20 and May 29, which, after careful consideration along with the companies’ appeals, led to the suspension of the cancellation order. The government has instructed the Noida Authority to take necessary actions in light of this decision.
Expressing their satisfaction with the government’s stance, the M3M group emphasized its commitment to investments in Uttar Pradesh. The Gurugram-based developer disclosed that significant investments had already been made in the Noida projects, totaling Rs 1,501 crore in land cost and project construction. With the total cost estimated at around Rs 5,500 crore and 45% of units already sold to 1,400 investors, the group reaffirmed its dedication to creating employment opportunities and delivering quality projects in the state.
This decision marks a pivotal moment in the ongoing dialogue between the government and private developers, reflecting a balanced approach towards regulatory compliance and investment promotion in the region.
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